Equipment transaction and cash flow reporting

Property, plant, & equipment	Dec. 31, 20X8	Dec. 31, 20X7
Land	$72,000	$72,000
Equipment	630,000	520,000
Less: Accumulated depreciation	-308,000	-325,000

New equipment purchased during 20x8 totaled $175,000. The 20x8 income statement disclosed equipment depreciation expense of $34,000 and a $2,000 loss on the sale of equipment.

a. Determine the cost and accumulated depreciation of the equipment sold during 20X8. 394,000

b. Determine the selling price of the equipment sold.

c. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.