John bought 1,500 shares of Intel stock (Nasdaq: INTC) on October 18, 2019, for $40 per share plus a $750 commission he paid to his broker. On December 12, 2023, he sells the shares for $57.50 per share. He also incurs a $1,000 fee for this transaction.

Problem 7-41 Part a (Algo)

a. What is John's adjusted basis in the 1,500 shares of Intel stock?