On December 31, 2005 Goldman acquired a gold mine for $36,120,000. At the time of acquisition, the Proven and Probable gold reserves of the time were estimated to be 850,000 ounces. During the period January 1, 2006 through December 31, 2006, Goldman incurred intangible development costs of $6,102,000; immovable tangible equipment costs of $2,660,000; moveable tangible equipment costs of $1,550,000; and exploration costs of $3,652,000 to be paid on the last day of the mine's life estimated life. In accordance with GAAP, Goldman's management determines the value of its asset retirement obligations using the Credit-Adjusted Risk-free Rate 0 5.5 percent. The life of mine is estimated to be 8 years, at which time the restoration costs are incurred to reclaim the property.

What is the cost of property at the time it is placed in service?