Will's Tooling Shop's cash budget for 2022 shows a planned purchase of new machinery costing $175,000. Will's manufacturing overhead budget shows annual depreciation on machinery of $10,174. Will also owns office equipment that costs $52,000. Depreciation on that equipment is expected to be $6,595 in 2022. Will's December 31, 2021 balance sheet shows net machinery at $245,000. 

Calculate Will's net machinery and equipment balance on the budgeted balance sheet for December 31, 2022.