At the end of 2016, Sun Heating Ltd. had total assets of $17.2 million and total liabilities of $9.1 million, Included among the assets were property, plant, and equipment with a cost of $4.9 million and accumulated depreciation of $2.7 million Assume that Sun Heating completed the following selected transactions during 2017. The company earned total revenues of $26.6 million and incurred total expenses of $21.5 million, which included depreciation of $1 million. During the year, Sun Heating paid $2.1 million for new equipment and sold old equipment for $1 million. The cost of the assets sold was $1.5 million, and their accumulated depreciation was $1.1 million Requirements Requirement 1. Explain how to determine whether Sun Heating had a gain or loss on the sale of old equipment during the year. What was the amount of the gain or loss, if any? Start by selecting the 0 - Requirements loss.) X minus sign or parentheses for a Requirement 2. How carrying amount of pro the year's activity? What will the Balance Sheet at Ded 1. Explain how to determine whether Sun Heating had a gain or loss on the sale of old equipment during the year. What was the amount of the gain or loss, if any? 2. How will Sun Heating report property, plant, and equipment on the balance sheet at December 31, 2017, after all the year's activity? What will the carrying amount of property, plant, and equipment be? 3. How will Sun Heating report its operating activities and investing activities on its statement of cash flows for 2017? The company's statement of cash flows starts with ne Income Less: Print Done Requirement 3. How ? The company's statement of cash flows starts with net ind Begin by showing how Sun Heating would report its operating activities on its statement of cash flows for 2017, ignoring gains and losses. (Enter amounts in millions.) Choose from any list or enter any number in the input fields and then continue to the next