Telluride Mining Company purchased a new building to store its increasing supply of mining equipment. The building was purchased for $550,000. The purchase price did not include $25,000 worth of sales tax. Also related to the purchase, Telluride Mining Company had to pay $10,500 for title search costs and $17,500 in realtor fees. Finally, the company had to hire a security guard to protect the new building which is paid a salary of $65,000 per year. Required: Determine the amount to be capitalized in an asset account for the purchase of the new building