The following information is taken from the financial statements of an entity:
20x4 20x3
Property, plant and equipment $4,600,000 $4,200,000
Accumulated depreciation (1,800,000) (1,350,000)
Depreciation expense 560,000
Gain on disposal of PPE 65,000
The asset disposed of had a cost of $250,000.
Calculate (i) the cost of the new PPE purchased during the year and (ii) the proceeds on disposal on sale of PPE.