Bubble (Pty) Ltd purchased new equipment to replace equipment that it has used for five years. The company paid a purchase price of R300 000, brokerage fees of R6 000, legal fees of R7 000, and freight and insurance in transit of R9 000. In addition, the company paid R5 500 to remove old equipment and R3 000 to install new equipment. Calculate the cost of new equipment for Bubble (Pty) Ltd and process the journal entry to record the purchase of the equipment paying R50,000 in cash. NB: Ignore value added tax (VAT)