Scout owns and operates an orange grove in Florida that produces the best orange juice in the region. He purchased new equipment for $55,000 that helps process the oranges to juice and waste. He also incurred the following expenses:

• Sales tax $4,200

• Shipping costs $3,800

• Safety tests run on new machine $1,500

• Overtime paid to employees to set up new equipment on the weekend $ 900 What is the initial basis of the new equipment?