3) The financial statements of Appalachian Mountain Company appear below: APPALACHIAN MOUNTAIN COMPANY Income Statement For the Year Ended December 31, 2027 The following additional data were provided: 1. Dividends declared and paid were \\( \\$ 16,000 \\). 2. During the year, equipment was sold for \\( \\$ 12,000 \\) cash. This equipment cost \\( \\$ 28,000 \\) originally and had a book value of \\( \\$ 12,000 \\) at the time of sale. 3. All depreciation expense is in the selling expense category. 4. All operating expenses except for depreciation were paid in cash