Schwerin Corporation reports the following on its 2005 financial statements. 2004 2005 Gross P, P & E $500M $550M Accumulated depreciation $400M $380M Net P, P & E $100M $270M From statement of cash flows: Cash proceeds from sale of equipment $100M Cash outflow for purchase of equipment $170M Depreciation $ 50M Gain from sale of equipment $ 40M 20. _____The net book value of equipment sold was: A) $120M B) $100M C) $ 60M D) $ 80M 21. _____The gross book value of equipment sold was: A) $120M B) $100M C) $ 80M D) $ 60M Please show how answers were reached