An analyst gathers the following information about a company's equipment base:

• Beginning balance of accumulated depreciation: €7,000,000
• Ending balance of accumulated depreciation: €8,000,000
• Depreciation expense for equipment: €4,000,000 The company sold equipment with a historical cost of €5,000,000 and reported a loss on sale of €250,000. The cash received from the sale of equipment is: