Woodward Company purchased a new piece of equipment to use in its business. The details of the purchase and related costs are as follows: $70,000 6,000 1,000 20,000 500 1Purchase price of equipment 2.Installation of equipment 4. Annual salary of new employee hired to operate the equipment 5. Increase in the annual cost of the fire and theft insurance policy to cover the new equipment Determine the amount to be capitalized for this equipment. O $77,500 O $77000 O $76,000 O $97,500