The following table presents selected items from the 2016 and 2015 balance sheets and 2016 in come statement of Golden Enterprises, Inc.

Golden Enterprises reported expenditures for property and equipment of $1,182,854 in 2016. In addition, the company acquired property and equipment valued at $239,382 in a noncash transaction in 2016.

a. What was the original cost of the property and equipment that Golden Enterprises sold during 2016? What was the accumulated depreciation on that property and equipment at the time of sale?

b. Compute the cash proceeds from the sale of property and equipment in 2016.

c. Prepare the journal entry to describe the sale of property and equipment.

d. Determine the cash dividends paid in 2016.

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GOLDEN ENTERPRISES, INC. Selected Balance Sheet Data Selected Income Statement Data 2016 2015 2016 Property and equipment, cost...., $98,190,992 $97,369,003 Depreciation expense. 76,156,389 72,880,525 Gain on sale of property and equipment . $3,876,111 Accumulated deprecialion 56,446 3,184,803 ..... Retained earnings 20,738,143 19,049.500 Net income...