Mad Hatter Enterprises purchased new equipment for $368,000, 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 $29,500 5,900 830 1,230 2,150 2,550 730 Required: Determine the capitalized cost of the equipment. Cost of equipment