A business bought a non-current asset with an estimated life of $10$ years. Depreciation is calculated by the straight-line method. By the time it was sold, depreciation had been charged for $5$ years. The information below is given. Original purchase price: $100\,000$ Estimated residual value when purchased: $20\,000$ Selling costs: $8\,000$ Loss on sale: $10\,000$ Calculate the sale proceeds.
- A$48\,000$
- B$50\,000$
- C$58\,000$
- D$62\,000$