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 sales tax $28,600 Freight costs 5,000 Insurance while in transit 740 Insurance after equipment placed in service Installation costs 1,140 1,700 Insurance for the first year of operations Testing 2,100 640 Required: Determine the capitalized cost of the equipment. Cost of equipment