Question 1: 5 Points Mad Hatter Enterprises purchased new equipment for $356,000, terms f.ob. shipping point. Other costs connected with the purchase were as followS: 29,200 5,400 800 State sales tax Freight costs Insurance while in transit Insurance after equipment placed in service 1,200 Installation costs Insurance for the first year of operations 2,400 Testing 2,000 700 Required: Determine the capitalized cost of the equipment