Moonstone Enterprises was offered the following terms for the purchase of a new machine: a down payment of $5,000 on January 1, 2017 and quarterly payments of $2,000 each starting on March 31, 2017 for the next three years. Alternatively, Moonstone could pay cash for the machine and finance its acquisition with a loan from the bank that carried an 8% annual interest rate. At what amount (rounded) should the machine be recorded on Moonstones books on the acquisition date?