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

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