Selected information from the company's financial records is presented below: Equipment, December 31, 2019 $300,000 Equipment, December 31, 2020 400,000 Accumulated depreciation, December 31, 2019 80,000 Accumulated depreciation, December 31, 2020 60,000 During 2020, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year. Refer to Metalcrafts, Inc. What amount would be reported as the cash proceeds from the sale of equipment