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Unformatted text preview: 11,000 Depreciation 82,000 Salaries Expense 127,000 Loss on sale of equipment 39,000 Gain on sale of investments 23,000 Net Income 62,000 Additional information: 1. During Year 2, Property, Plant & Equipment costing $140,000 was sold for cash. 2. During Year 2, $85,000 of Notes Payable were issued in exchange for Property, Plant and Equipment. 3. During Year 2, the firm sold Investments costing $83,000 for cash. Required: Determine the correct dollar amounts for each of the following items. Place your answers in the spaces provided. Payments to purchase Investments in Year 2. $_________ Notes Payable paid off in Year 2. $_________ Cash dividends paid in Year 2 $__________ Cash received from the sale of Property, Plant and Equipment in Year 2 $__________ Cash received from the sale of Investments in Year 2 $_________ Cash received from borrowers in Year 2 $_________...
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- Fall '07