Ahrens Industries purchased a new machine on October 31, 2020. A $2,400 down payment was made and three monthly installments of $7,200 each are to be made beginning on November 30, 2020. The cash price would have been $23,200. Ahrens paid no installation charges under the monthly payment plan but a $400 installation charge would have been incurred with a cash purchase. What is the amount to be capitalized as the cost of the machine on October 31, 2020