PRECLUDE PREVENT Co. acquired an equipment for 448,000 on account with a credit term of 2/15, n/30. Any discount is computed based on the purchase price. The purchase price is inclusive of 12% value added tax (VAT). PRECLUDE Co. is VAT-registered and any input VAT paid is refundable through deduction from monthly output VAT remitted to the Bureau of Internal Revenue (BIR). Additional costs incurred include 40,000 cost of training staff who will be operating the equipment and 60,000 cost of relocating the equipment to a new location after it was installed in a location originally intended by management. How much is the initial cost of the equipment?