In January 2014, Barbie Company entered into a contract to acquire a new machine for its factory. The machine, which had a cash price of $300,000, was acquired in exchange for the following:
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Down payment
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$ 30,000
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Note payable in 24 equal monthly installments
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240,000
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500 shares of Barbie common stock, with an agreed value of $100 per share
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50,000
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Total
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$ 320,000
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Prior to the machine's use, installation costs of $8,000 were incurred. What is the amount to record for the acquisition cost of the machine.