Mad Hatter Enterprises purchased new equipment for $355,000, terms fo.b. shipping point. Other costs connected with the purchase were as follows: State sales tax Freight costs Insurance while in transit Insurance after equipment placed in service Installation costs Insurance for the first year of operations Testing $28, 200 4,600 709 1,100 1,500 1,900 600 Required: Determine the capitalized cost of the equipment. Cost of equipment $ 390,600