McLaren purchased equipment at a cost of $68,000 on June 1, 2020. The company paid $1200 to ship the equipment to the companys location, $800 to install the equipment and $1,500 to train a staff member to operate the equipment. The equipment was expected to have a residual value of $6,000 at the end of its five year useful life. The company has a December 31, year end and prepares adjusting entries annual.

What is the cost of the equipment?