Woodward Company purchased a new piece of equipment to use in its business. The details of the purchase and related costs are as follows:

1.	Purchase price of equipment	$70,000
2.	Installation of equipment	6,000
3.	Freight costs (FOB shipping point)	1,000
4.	Annual salary of new employee hired to operate the equipment	20,000
5.	Increase in the annual cost of the fire and theft insurance policy to cover the new equipment	500

Determine the amount to be capitalized for this equipment.