Silverago Incorporated, an international metals company, reported a loss on the sale of equipment of $2 million in 2010. In addition, the company’s income statement shows depreciation expense of $8 million and the cash flow statement shows capital expenditure of $10 million, all of which was for the purchase of new equipment. Using the following information from the comparative balance sheets, how much cash did the company receive from the equipment sale?
| Balance Sheet Item Don't use plagiarized sources. Get Your Custom Essay on using the following information from the comparative balance sheets how much cash di 609698 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | 12/31/2009 | 12/31/2010 | Change |
| Equipment | $100 million | $105 million | $5 million |
| Accumulated depreciation-Equipment | $40 million | $46 million | $6 million |
A. $1 million
B. $2 million
C. $3 million
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