Silverado Incorporated,

Silverago Incorporated, an international metals company, reported a loss on the sale of equipment of $2 million. 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

12/31/2005

12/31/2006

Change

Equipment

$100 million

$105 million

$5 million

Accumlated depreciation— equipment

$40 million

$46 million

$6 million

a. $6 million

b. $5 million

c. $1 million

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