On March 1, Squire Hill Company purchased a new stamping machine with a list price of $48,000. The company paid cash for the machine; therefore, it was allowed a 3% discount. Other costs associated with the machine were: transportation costs, $1,100; sales tax paid, $3,360; installation costs, $900; routine maintenance during the first month of operation, $1,000. The cost recorded for the machine was:

	$47,460.
	$53,360.
	$48,000.
	$51,920.