Connect Assignment Sales Cost of goods sold Gross profit Operating expenses $627, 500 294,000 333, 500 Depreciation expense 29,750 Other expenses 141,400171,150 Other gains (losses) ook Loss on sale of equipment (14, 125) rint Income before taxes Income taxes expense Net income 148,225 36, 850 $111,375 Additional Information on Year 2017 Trensactions a. The loss on the cash sale of equipment was $14,125 (details in b. b. Sold equipment costing $73.875, with accumulated depreciation of $39,125, for $20,625 cash c. Purchased equipment costing $105,375 by paying $48.000 cash and signing a long-term note payable for d. Borrowed $4,900 cash by signing a short-term note payable e. Paid $54,625 cash to reduce the long-term notes payable. f. Issued 3,400 shares of common stock for $20 cash per share g. Declared and paid cash dividends of $51,900. K Prev 5of 6 Next bp Connect Assignment Sales Cost of goods sold Gross profit Operating expenses $627, 500 294,000 333, 500 Depreciation expense 29,750 Other expenses 141,400171,150 Other gains (losses) ook Loss on sale of equipment (14, 125) rint Income before taxes Income taxes expense Net income 148,225 36, 850 $111,375 Additional Information on Year 2017 Trensactions a. The loss on the cash sale of equipment was $14,125 (details in b. b. Sold equipment costing $73.875, with accumulated depreciation of $39,125, for $20,625 cash c. Purchased equipment costing $105,375 by paying $48.000 cash and signing a long-term note payable for d. Borrowed $4,900 cash by signing a short-term note payable e. Paid $54,625 cash to reduce the long-term notes payable. f. Issued 3,400 shares of common stock for $20 cash per share g. Declared and paid cash dividends of $51,900. K Prev 5of 6 Next bp