Telluride Mining Company purchased a new building to store its increasing supply of mining equipment. The building was purchased for $554,000. The purchase price did not include $27,000 worth of sales tax. Also related to the purchase, Telluride Mining Company had to pay $11,500 for title search costs and $18,500 in realtor fees. Finally, the company had to hire a security guard to protect the new building which is paid a salary of $67,000 per year. Required: Determine the amount to be capitalized in an asset account for the purchase of the new building