Mad Hatter Enterprises purchased new equipment for $359,000, 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 $28,600 5,000 740 1,140 1,700 2,100 640 Required: Determine the capitalized cost of the equipment. Cost of equipment