On January 1, 2021, Endgame Inc. purchased a new machine for their factory. The invoice price of the new machine was $60,000 and the sales tax was 7.5%. The freight in charge was $7,200 and the installation cost was $8,000. Endgame also paid $500 for insurance on the machine for the 12 months following installation. In addition, the company sold the old machine for $3,300 on December 31, 2021. What amount should be capitalized for the new machine on January 1, 2021