On May 20, 2020, Porter Co. incurred the following costs for one of its' equipment Purchase of equipment 30,000 Installation of equipment 4,000 Replacement parts for renovation 10,000 Labor and overhead in connection with renovation 7,000 The renovation did not increase the estimated useful life of the equipment. However, the renovation resulted in significantly increased productivity What amount of the costs should be capitalized? O a $34,000 b. $41,000 Oc$51,000 Od $44,000