The following information relates to Riggs Corp.s purchase of equipment on 15 June 20X7: Invoice price $ 445,000 Discount for early payment (if paid by 30 June) 2,250 Shipping costs 5,200 Installation 5,000 Testing 10,000 The equipment was installed and tested during the week of 22 June 20X7. Riggs paid the invoice price on 1 July 20X7. The equipment was ready for use on 30 June and put into production on 3 July 20X7. Riggs uses straight-line depreciation for the companys equipment and expects to use the asset for six years. Component parts are not significant and need not be recognized and depreciated separately. The estimated residual value is zero. The companys fiscal year-end is 31 December. Required: 1. What is the book value of the equipment after installation?