Queen Inc. purchased a machine on June 1 for $70000, paying cash. The company also paid $600 for freight, $1000 for installation and testing, $400 for employee training, $500 for supplies to be used in production, and $1800 for a one-year insurance policy. The machine has a residual value of $6000 and a useful life of 5 years.

What is this machine's acquisition cost?