Jamison Company Reports Depreciation Expense of $35,000 for Year 2

Multiple Choice

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.

A) $23,000.
B) $35,000.
C) $38,000.
D) $40,000.
E) $67,000.