On January $2,$ Summers Company received a machine that the company had ordered with an invoice price of $$88,000.$ Freight costs of $$640$ were paid by the vendor per the sales agreement. The company exchanged the following on January $2$ to acquire the machine:

Issued $2,900$ shares of Summers Company common stock, par value $$1($market value, $$3\mathrm{.}50$ per share$).$

Signed a note payable for $$51,000$ with an $10\mathrm{.}4$ percent interest rate $($principal plus interest are due April $1$ of the current year$).$

The balance of the invoice price was on account with the vendor, to be paid in cash by January $12.$

On January $3,$ Summers Company paid $$1,600$ cash for installation costs to prepare the machine for use.

On January $12,$ Summers Company paid the balance due on its accounts payable to the vendor.