Edward owns and operates an orange grove in Florida that produces the best orange juice in the region. He purchased new equipment

for $$56,000$ that helps process the oranges to juice and waste. He also incurred the following expenses:

Sales tax

Shipping costs

Safety tests run on new machine

$$4,100$

Overtime paid to employees to set up new equipment on the weekend

$$3,800$

$$1,500$

$$900$

What is the initial basis of the new equipment?

Initial basis