Equipment was purchased for $50,000. Freight charges and insurance while in transit totaled $900 and sales tax was $500. Insurance, taxes, and maintenance costs for the first year of use were $3,000. What is the cost of the equipment?
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a.
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$54,400
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b.
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$51,400
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c.
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$50,500
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d.
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$50,000
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e.
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none of the above
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