On January 1, 2017, Peter company purchased some large machinery on a deferred payment plan. The contract calls for 40,000 down on January 1, 2017 and 40,000 at the beginning of each of the next 4 years. There is no stated interest rate in the contract, but Peter company's credit rating indicates that the company can borrow money at 10% for a loan of this type. how much should be recorded as the cost of machinery on January 1, 2017