Wills Tooling Shops cash budget for 20x5 shows a planned purchase of new machinery costing $175,000. Wills manufacturing overhead budget shows annual depreciation on machinery of $10,174. Will also owns office equipment that cost $52,000. Depreciation on that equipment is expected to be $6,595 in 20x5. Wills December 31, 20x4, balance sheet shows net machinery and equipment at $245,000. Calculate Wills net machinery and equipment balance on the budgeted balance sheet for December 31, 20x5.

a) 351,231

b) 420,231

c) 455,231

d) 403,231