4. At January 1, 2014, Stitch Enterprises reported a balance in the Equipment account of $45,000. During the year the company purchased equipment with a cost of $60,000 and sold equipment with a book value of $30,000. The company reported a loss on the sale of equipment of $4,000. Assume the indirect method is used. Instructions Determine what amount will be reported in (a) the operating activities section and (b) the investing activities section with regard to the purchase and sale of equipment. (Check Figure: Operating: Loss on sale of Equipment, $4,000. Investing: Proceeds from the Sale of Equipment, $26,000 and Purchase of Equipment, -$60,000)