Mad Hatter Enterprises purchased new equipment for $355,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows: State sales tax $28,200 Freight costs 4,600 Insurance while in transit 700 Insurance after equipment placed in service 1,100 Installation costs 1,500 Insurance for the first year of operations Testing 1,900. 600 Required: Determine the capitalized cost of the equipment. Cost of equipment