The following account balances appear on Jenkins Company's balance sheets at the beginning and end of 20X7: 1/1/20X7 12/31/20X7 Equipment $540,000 $488,000 Accumulated 230,000 202,000 depreciation Jenkins sold a piece of equipment with an original cost of $109,000 for a gain of $2,000. The equipment had associated accumulated depreciation of $64,000. On the statement of cash flows, what amount should be reported as cash paid for equipment? O $50,000 O $60,000 O $52,000 O $57,000 $59,000