Question $1(1$ point$)$

A factory equipment is purchased on January $6,2024,$ for $$20,000$ cash and a $$50,000$ note payable. Related cash expenditures include insurance during shipping. $$500$; the annual insurance policy, $$1750$; and installation and testing, $$1,000.$ What is the cost of the equipment for accounting purposes?

$$71500$

$$70500$

$$70000$

$$73250$