Using the information below, compute the cost of new equipment purchased and the proceeds from selling used equipment:

Equipment Beginning Balance $240,000

Equipment Ending Balance $450,000

Accumulated Depreciation: Beginning Balance $150,000

Accumulated Depreciation: Ending Balance $185,000

You also know the following:

Depreciation Expense $65,000

Gain on the sale of equipment $15,000

Cost of Equipment Sold $130,000