Here is the problem:

Colt Company purchased a machine for use in it operations that had an invoice price of $70,000, excluding sales tax. A 6% sales tax was levied on the sale. Terms were net 30. the company paid a total cost of $4,600 for hauling the machine from the dealer's warehouse to the company's plant Company, and this $4,600 included a fine of $600 for failure to secure the proper permits to use city streets in transporting the machine. In delivering the machine to its plant, a Colt employee recklessly damaged the truck that was used, and it cost $3,000 to repair the truck. The machine itself was also slightly damaged as a result of the misguided actions of the employee, with repair costs amounting to $900. Colt incurred installation costs of $27,000 that included the $3,000 cost of shoring up the floor under the machine. Testing costs amounted to $2,100. Safety guards were installed on the machine at a cost of $450, and the machine was placed in operation.

Required: Prepare a schedule showing the amount at which the machine should be recorded as an asset in Colt's books.