Mad Hatter Enterprises purchased new equipment for $374,000, terms fo.b. shipping point. Other costs connected with the purchase were as follows: Stato sales tax Freight costs Insurance while in transit Insurance after equipment placed in service Installation costs Insurance for the first year of operations Testing $30,100 6,500 890 1,290 2,450 2,850 790 Required: Determine the capitalized cost of the equipment Cost of equipment