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. Assume that all purchases of equipment were paid with cash. How much cash was paid to purchase equipment during 2020?

A) $50,000
B) $200,000
C) $150,000
D) $250,000