Mad Hatter Enterprises purchased new equipment for $365,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows: State sale tax 29,200 Freight Costs 5,600 Insurance while in transit 800 Insurance after equipment placed in service 1,200 Installation costs 2,000 Insurance for the first year of operations 2,400 Testing 700 Required: Determine the capitalized cost of the equipment.