Working backward to derive proceeds from disposition of plant assets. The balance sheets of Wilcox Corporation at the beginning and end of the year contained the following data:

During the year, Wilcox Corporation sold machinery and equipment at a gain of $\$ 4,000$. It purchased new machinery and equipment at a cost of $\$ 230,000$. Depreciation charges on machinery and equipment for the year amounted to $\$ 50,000$. Calculate the proceeds Wilcox Corporation received from the sale of the machinery and equipment.

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Property, Plant, and Equipment (at cost) Accumulated Depreciation Net Book Value ... .... Beginning of Year $400,000 180,000 $220,000 End of Year $550,000 160,000 $390,000