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Dubai Industries, Inc Balance Sheets At December 31. Year 2 and Year 1 Year 2 Year 1 Cash $96.219 $28,694 Accounts Receivable 100,000 85 313 Inventory 206,250 181,250 Prepaid Insurance 1.875 2.500 Land, Buildings, and Equipment 1.562,500 1406,250 Accumulated Depreciation (762.500 (715.000) Investments 19.325 106.250 Total Assets $1 224 219 $1.095.250 Accounts Payable Salaries Payable Notes Payable Bonds Payable Common Stock 595,425 25,000 31,250 $195,818 30.625 93.750 250,000 375,000 375,000 Retained Earnings 447 544 410.044 $1.224.219 $1.095.256 Additional information for Year 2 (1) Sold available for sale securities costing $86,875 for $92,500. (2) Equipment costing $25,000 with a book value of $6,250 was sold for $7,000 (3) Issued 8% bonds at face value for $250.000, (4) Purchased new equipment for $181,250 and paid cash (5) Paid cash dividends of $25,000 (6) Net income was 562,500 The gain from the equipment sales will be equal to . Accounts Payable Salaries Payable Notes Payable $95.425 25,000 31.250 5155,838 30.625 93,750 Bonds Payable Common Stock 250,000 375,000 375,000 Retained Earrings 447 544 410.044 $1 224 219 $1.095 256 Additional information for Year 2 (1) Sold available for sale securities costing $86,875 for $92,500. (2) Equipment costing $25,000 with a book value of $6250 was sold for $7.000 (3) Issued 8% bonds at face value for $250,000 (4) Purchased new equipment for $181.250 and paid cash. (5) Paid cash dividends of $25,000. (6) Net income was $62,500. The gain from the equipment sales will be equal to 750 O 1250 O 7000 O 6250