King Company had the following excerpt from its financial records: The following information is taken from King Company's records: 1. Depreciation expense for 2022 and 2021 was $60,000 and $64,000, respectively. 2. Equipment was purchased during 2022 for $111,000 cash. 3. A gain on sale of equipment of $11,000 was recorded during 2022. Required: Compute the cash proceeds from the sale of the equipment during 2022