1. Thunder Corporation had a beginning balance in net PPE of £220,000. During the year, Thunder purchased £60,000 of new PPE. Depreciation expense for the year was £30,000 and there was a net gain on the sale of PPE was £3,000. The ending balance in net PPE was £170,000 and there were no impairments. The cash received from the sale of the PPE was:

1. a) £80,000.
2. b) £88,000.
3. c) £83,000.
4. d) None of the above.