Jeffeys company reports depreciation expense of $52,000 for year 2. Also, equipment costing $176,000 was sold for a $11,200 loss in year 2. The following selected info is available for jeffreys company from its comparative balance sheet. Compute the cash received from the sale of the equipment.

At December 31

Equipment: year 2-$670,000 year 1: $864,000

Accumulated depreciation- equipment- year 2: 476,000 year 1: 560,000