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 sales 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