On August 1, 2022, Happy Corporation purchased a new machine on a deferred payment basis. A down payment of $23,400 was made and 4 monthly installments of $19,500 each are to be made beginning on September 1, 2022. The cash equivalent price of the machine was $93,600. Happy incurred and paid installation costs amounting to $3,900. The amount to be capitalized as the cost of the machine is