On January 1, 2019, ABC Company purchased a new piece of equipment The equipment was assigned a $7,000 residual value and is expected to produce a total of 60,000 units over its life. The depreciation expense reported on the equipment For 2019 was $10,734. During 2020, the equipment was used to produce 9,000 uni ts. At December 31, 2020, the book value of the equipment was $57,466. ABC Company is using the units-of-production depreciation method to depreciate the equipment. Calculate the original cost paid by ABC Company to purchase the equipment on January 1, 2019