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Mad Hatter Enterprises purchased new equipment for $371,000, terms fo.b. shipping point. Other costs connected with the purchase were as follows: State sales tax Freight

Mad Hatter Enterprises purchased new equipment for $371,000, terms fo.b. shipping point. Other costs connected with the purchase were as follows: State sales tax Freight conta $29,800 6,200 Insurance while in transit 860 Insurance after equipment placed in service Installation costs 1,260 2,300 Insurance for the first year of operations Testing 2,700 760 Required: Determine the capitalized cost of the equipment

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