Young corp. purchased equipment by making a down payment of $4,000 and issuing a note payable for $18,000. a payment of $6,000 is to be made at the end of each year for three years. the applicable rate of interest is 8%. the present value of an ordinary annuity factor for three years at 8% is 2.58, and the present value for the future amount of a single sum of one dollar for three years at 8% is .735. shipping charges for the equipment were $2,000, and installation charges were $3,500. what is the capitalized cost of the equipment?
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