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During 20X1, Baker Corp. sold equipment for cash. The equipment had an original cost of $20,000 and a book value of $4,000. The equipment was sold at a loss of $3,000.
Problem 1: How much cash did Baker receive in 20X1 when they sold this equipment?
Select one:
a. $17,000
b. $3,000
c. $7,000
d. $1,000
e. $4,000
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