Selected Information from the Company's Financial Records Is Presented Below

question 175

Multiple Choice

Selected information from the company's financial records is presented below: During 2020, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year.
-Refer to Metalcrafts, Inc. What amount would be reported as the cash proceeds from the sale of equipment?

• A)$50,000
• B)$20,000
• C)$10,000
• D)$30,000

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