At the end of 2017, Stretch Energy had total assets of $17.4 billion and total liabilities of $9.1 billion. Included among the assets were property, plant, and equipment with a cost of $4.7 billion and accumulated depreciation of $2.9 billion. Stre Energy completed the following selected transactions during 2018: The company earned total revenues of $26.9 billion and incurred total expenses of $22.1 billion, which included depreciation of $1.5 billion. During the year, Stretch Energy $2.2 billion for new property, plant, and equipment and sold old plant assets for $0.4 billion. The cost of the assets sold was $1.6 billion, and their accumulated depreciation was $1 billion Read the requirements. Requirement 1. Explain how to determine whether Stretch Energy had a gain or loss on the sale of old plant assets during the year. What was the amount of the gain or loss, if any? Start by selecting the formula, then enter the amounts to calculate the gain or loss, if any. (Enter amounts in billions as provided in the problem statement. Use a minus sign or parentheses for a loss.) = Gain (Loss) on sale A Requirements 1. Explain how to determine whether Stretch Energy had a gain or loss on the sale of old plant assets during the year. What was the amount of the gain or loss, if any? 2. Show how Stretch Energy would report property, plant, and equipment on the balance sheet at December 31, 2018, after all the year's activity. What was the book value of property, plant, and equipment? 3. Show how Stretch Energy would report its operating activities and investing activities on its statement of cash flows for 2018. Ignore gains and losses. Print Done