Mad Hatter Enterprises purchased new equipment for $365,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows:
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$29,200 |
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Freight costs |
$5,600 |
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Insurance while in transit |
$800 |
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Insurance after equipment placed in service |
$1,200 |
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Installation costs |
$2,000 |
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Insurance for the first year of operation |
$2,400 |
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Testing |
$700 |
Required: Determine the capitalized cost of the equipment.
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$365,000 |
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$402,500 |
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$406,900 |
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$403,300 |
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