Rio Grande Co. incurred the following costs related to equipment during November 2017.

1. Purchased equipment with a list price of $90,000 for $87,300

2. Had the equipment installed and paid the installer $2,000

3. Paid the freight bill for delivery of the equipment, $1,000

4. Advertised a product that will be produced by the new equipment, $3,400

5. Paid sales taxes of $3,800 on purchase of the new equipment

Required: Calculate the capitalized cost of the equipment