Working backward to derive proceeds from disposition of plant assets. The balance sheets of Wilcox Corporation at the beginning and end of the year contained the following data:

During the year, Wilcox Corporation sold machinery and equipment at a gain of $4,000. It purchased new machinery and equipment at a cost of $230,000. Depreciation charges on machinery and equipment for the year amounted to $50,000. Calculate the proceeds Wilcox Corporation received from the sale of the machinery andequipment.

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End of Beginning of Year Year Property. Plant, and Equipment (at cost).. Accumulated Depreciation..... $550,000 160,000 $390,000 $400,000 1B0,000 Net Carrying Value $220,000