On August 1, 2020, Crane Company purchased a new machine on a deferred payment basis. A down payment of $17500 was made and 4 monthly installments of $14500 each are to be made beginning on September 1, 2020. The cash equivalent price of the machine was $68000. Crane incurred and paid installation costs amounting to $3000. The amount to be capitalized as the cost of the machine is