On its January 1, 2016, balance sheet, Calvin Company reported equipment of $60,000 and accumulated depreciation of $20,000. During 2016, Calvin sold equipment with an original cost of $5,000. Selected information from Calvin's 2016 statement of cash flows follows:

Net income $20,000

Depreciation expense on equipment $2,000

Gain on sale of equipment $600

Proceeds from sale of equipment $1,500

Purchase of equipment $18,000

Compute the amount of equipment and accumulate depreciation that should appear on Calvin's December 31, 2016, balance sheet