A company bought a piece of equipment for $250,000. The equipment has a useful life of 10 years. The company is using the seven-year MACRS property class to depreciate the asset for tax purposes. At the end of year 4, the company sold the equipment for $150,000. The tax rate for both ordinary gains and capital gains is 35%. What are the net proceeds (after tax) from the sale of the equipment? Show step by step work to receive credit please.