On August 1, 2020, Concord Industries purchased a new machine on a deferred payment basis. A down payment of $15000 was made and 4 monthly installments of $11000 each are to be made beginning on September 1, 2020. The cash equivalent price of the machine was $54000. Concord incurred and paid installation costs amounting to $3000. The amount to be capitalized as the cost of the machine is