Jamison Company reports depreciation expense of $35,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Jamison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.At December 31Year 2Year 1Equipment$610,000 $750,000 Accumulated Depreciation-Equipment 428,000 500,000
A. $38,000.
B. $35,000.
C. $40,000.
D. $67,000.
E. $23,000.
Answer: A
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