On August 1, 20X1, Hadley Corporation purchased a new machine on a deferred payment basis. A down payment of $12,000 was made and 4 monthly installments of $10,000 each are to be made beginning on September 1, 20X1. The cash equivalent price of the machine was $48,000. Hayes incurred and paid installation costs amounting to $2,000. The amount to be capitalized as the cost of the machine is $52,000 $50,000 $48.000 $54,000