Jeffreys Company reports depreciation expense of $40,000 for Year 2 Also, equipment costing $240,000 was sold for a $10,000 loss in Year 2. The following selected information is available for Jeffreys Company from its comparative balance sheet Compute the cash received from the sale of the equipment December 31 Year 28,000 500,000 Multiple Choice $62.000 38 000 28000 18 000