Bubble $($Pty$)$ Ltd purchased new equipment to replace equipment that it has used for five years. The company paid a purchase price of $R300000,$ brokerage fees of $R6000,$ legal fees of $R7000,$ and freight and insurance in transit of R$9000.$ In addition, the company paid R$5500$ to remove old equipment and R$3000$ to install new equipment. Calculate the cost of new equipment for Bubble $($Pty$)$ Ltd and process the joumal entry to record the purchase of the equipment paying $R50,000$ in cash.

NB: Ignore value added tax $($VAT$)$