CP 14 7 Assume the following income statement for the year ended December 31, 2020 and balance sheet at yearend: Revenue Gain on sale of equipment $ 0 500 Net income $500 2020 2019 Equipment $ 0 $1,000 Accumulated depreciation equipment 0 (600) No equipment was purchased during the year. Equipment was sold for cash during the year. Required: 1. Calculate the amount of cash for which the equipment was sold. 2. Prepare the journal entry to record the sale of the equipment. 3. Calculate the cash flow from operating activities and investing activities.