On August 1, 2020, LE Corporation purchased a new machine on a deferred payment basis. A down payment of $9,000 was made and 5 monthly installments of $10,000 each are to be made beginning on September 1, 2020. The cash equivalent price of the machine was $55,000 (the present value of total payments is $55,000). Hayes incurred and paid installation costs amounting to $5,000. Required: Calculate the cost of the machine received that is recorded? Show your calculation. Journalize the entry