Canada Olympian Co. provided the following condensed information regarding cash flows: 2022 2021 Assets Cash $ $ 40,500 Accounts Receivable 173,250 112,500 Land 300,000 375,000 Trucks 600,000 204,000 Accumulated Depreciation - Trucks 105,000 120,000 Equipment 135,000 60,000 Accumulated Depreciation - Equipment 37,500 15,000 Total Assets $ 1,065,750 $ 657,000 - Some land was disposed of during 2022, but none was purchased. A gain of $15,000 was recorded. - Some used trucks were sold and a gain of $7,500 was recorded. New trucks were purchased for $525,000. The depreciation expense for trucks during the year was $45,000. Equipment was purchased during the year for $105,000. Some old equipment was also sold for $5,000. The equipment that was sold had accumulated depreciation of $22,500. Required - fill in the blanks with your answers for the following: a) What were the cash proceeds from the sale of land? Total Assets $ 1,065,750 $ 657,000 - Some land was disposed of during 2022, but none was purchased. A gain of $15,000 was recorded. - Some used trucks were sold and a gain of $7,500 was recorded. New trucks were purchased for $525,000. The depreciation expense for trucks during the year was $45,000. - Equipment was purchased during the year for $105,000. Some old equipment was also sold for $5,000. The equipment that was sold had accumulated depreciation of $22,500. Required - fill in the blanks with your answers for the following: a) What were the cash proceeds from the sale of land? b) What were the cash proceeds from the sale of trucks? c) What is the gain or loss amount on the equipment that was sold during the year (a positive answer is a gain (ex. 1,000) and a negative answer (ex. -1,000) is a loss)