Could you please explain how to calculate the cash received on sale of equipment and provide the formula for it? I'm a little confused on how to solve for that value.

Required information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 (The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets 2020 2019 At June 30 Assets Cash $ 58,000 65,000 $ 99, 100 86,000 77,800 5,800 268, 700 138,000 (34,000) $372,700 107,500 8,200 238, 700 129,000 (16,000) $ 351,700 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 39,000 7,400 4,800 51,200 44,000 $ 51,000 17,800 6,600 75,400 74,000 149,400 95,200 248,000 29,500 $ 372,700 174,000 28,300 $ 351,700 IKIBAN INC. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense $ 748,000 425,000 323,000 81,000 72,600 169,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,400 172,800 45,290 $ 127,510 Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $71,600 cash. d. Received cash for the sale of equipment that had cost $62,600, yielding a $3,400 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Exercise 12-12 (Algo) Part 1 Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities Net income $ 127,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 72,600 Gain on sale of plant assets (3,400) Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable (41,100) 29,700 2,400 (12,000) (10,400) (1,800) $ 163,510 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment (71,600) (71,600) Net cash provided by investing activities Cash flows from financing activities Cash received from stock issuance Cash paid to retire notes Cash paid for dividends 74,000 (30,000) (126,310) Net cash used in financing activities Net increase (decrease) in cash Cash balance at prior year-end $ (82,310) 9,600 58,000 67,600 Cash balance at current year-end $