Mad Hatter Enterprises purchased new equipment for $375,000, 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 $30,200 6,600 900 1,300 2,500 2,900 800 Required: Determine the capitalized cost of the equipment. Cost of equipment