Mad Hatter Enterprises purchased new equipment for $359,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows:

State sale tax	28,600
Freight Costs	5,000
Insurance while in transit	740
Insurance after equipment placed in service	1,140
Installation cost	1,700
Insurance for the first year of operations	2,100
Testing	640

Required:

Determine the capitalized cost of the equipment.