Mad Hatter Enterprises purchased new equipment for $365,000, FOB shipping point.

(TCO 2) Mad Hatter Enterprises purchased new equipment for $365,000, FOB shipping point. Other costs connected with the purchase were as follows:

State sales tax $29,200 Freight cost $5600 Insurance while in transit $800 Insurance after equipoment placed inservice $1200 Installation Cost $2000
Testing, including $300 of spoilage $700

Required:

Determine the capitalized cost of the equipment.