On August 1, 2012, Hayes Corporation purchased a new machine on a deferred payment basis. A down payment of $9,000 was made and 4 monthly installments of $7,500 each are to be made beginning on September 1, 2012. The cash equivalent price of the machine was $36,000. Hayes incurred and paid installation costs amounting to $1,500. The amount to be capitalized as the cost of the machine is