Foam Inc.'s accounting records reported: Equipment Accumulated Depreciation Purchase of new equipment Depreciation Expense January 1 $1,250,000 $375,000 December 31 $2,000,000 $725,000 $500,000 Foam sold a piece of equipment for $1,500,000 and reported a gain of $100,000. What was the amount of cash paid to purchase new equipment for the year? Multiple Choice $2,000,000 $2,300,000 O $2,500,000 $1,600,000