On January 2, 2015, Summers Company bought a machine for use in operations. The machine has an estimated useful life of twelve years and an estimated residual value of $2,900. The company provided the following expenditures:

a	Invoice price of the machine, $88,000.
b.	Freight paid by the vendor per sales agreement, $2,800.
c.	Installation costs, $3,500 paid in cash.
d.	Payment was made as follows:
	On January 2:
	The installation costs were paid in cash.
	Summers Company common stock, par $1; 1,000 shares (market value, $3.50 per share).
	Note payable, $47,000; 11.0 percent due April 16, 2015 (principal plus interest).
	Balance of invoice price to be paid in cash. The invoice allows for a 8 percent discount for cash paid by January 12.
	On January 15:
	Summers Company paid the balance due.