Antique Furniture Company decided to purchase a new furniture-polishing machine for its store in New York City. After a long search, it found the appropriate polisher in Chicago. The machine costs $\$ 75,000$, and has an estimated 10 -vear life and no salvage value. Antique Furniture Company made the following additional expenditures with respect to this purchase:

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Sales tax

$4,000 Delivery costs (FOB shipping point) . . . . . . . . 1,500 Installation costs . . . . . . . . . . . . . . . . . . . 2,200 Painting of machine to match the decor. . . . . . 300

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1. What is the cost of the machine to Antique Furniture Company?

2. What is the amount of the first full year's depreciation if Antique uses the straightline method?