Mad Hatter Enterprises purchased new equipment for $365,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows:
| State sales tax Don't use plagiarized sources. Get Your Custom Essay on mad hatter enterprises purchased new equipment for 365 000 fob shipping point 458310 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | $29,200 |
| Freight costs | $5,600 |
| Insurance while in transit | $800 |
| Insurance after equipment placed in service | $1,200 |
| Installation costs | $2,000 |
| Insurance for the first year of operation | $2,400 |
| Testing | $700 |
Required: Determine the capitalized cost of the equipment.
| $365,000 | ||
| $402,500 | ||
| $406,900 | ||
| $403,300 |
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