Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $470,000. Shipping costs totaled $16,000. Foundation work to house the centrifuge cost $7,500. An additional water line had to be run to the equipment at a cost of $2,600. Labor and testing costs totaled $5,900. Materials used up in testing cost $3,400. (Leave no cells blank. Enter 0 where needed.) Required: 1. What is the total capitalized cost of the equipment? 2. How much of this amount should be expensed immediately? Complete this question by entering your answers in the tabs below. What is the total capitalized cost of the equipment? How much of this amount should be expensed immediately? Taco Hut purchased equipment on May 1,2024 , for $16,000. Residual value at the end of an estimated eight-year service life is expected to be $3,000. Required: Calculate depreciation expense using the straight-line method for 2024 and 2025, assuming a December 31 year-end. (Do not roun your intermediate calculations. Round your final answers to the nearest whole dollar.)