Question 1 (1 mark) On June 1, 2022, Blooming Corporation purchased an equipment by paying $68,000 in cash. The company paid $1,200 to ship the equipment to the company's location and purchased insurance for equipment in transit of $200. Cost of installation was $800 and $1,500 was paid as training cost for a staff member to operate the equipment. The company purchased a one-year $4,000 insurance policy on the equipment on July 5 . Calculate the cost of the equipment. Required: Determine the amount to be reported as the cost of the equipment. Show your calculations