Copper, Inc., a fictitious brewery and restaurant chain, reported a gain on the sale of equipment of $12 million. In addition, the company’s income statement shows depreciation expense of $8 million and the cash flow statement shows capital expenditure of

$15 million, all of which was for the purchase of new equipment.

Using the above information from the comparative balance sheets, how much cash did the company receive from the equipment sale?
A. $12 million.
B. $16 million.
C. $18 million.

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Balance sheet item Equipment Accumulated depreciation equipment 12/31/2009 $100 million $30 million 12/31/2010 $109 million $36 million Change $9 million $6 million