Financial statements for Kiner Company are given below: Kiner Company Balance Sheet January 1, 2021 Assets Equities Cash $ 960,000 Accounts payable Accounts receivable 864,000 Buildings and equipment 3,600,000 Accumulated depreciation- buildings and equipment (1,200,000) Common stock Patents 432,000 Retained earnings $4.656.000 $ 456,000 2,760,000 1.440,000 $4.656.000 Kiner Company Statement of Cash Flows For the Year Ended December 31, 2021 Increase (Decrease) in Cash Cash flows from operating activities Net income $1,200,000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(384,000) Increase in accounts payable 192,000 Depreciation buildings and equipment 360,000 Gain on sale of equipment (144,000) Amortization of patents 48,000 72,000 Net cash provided by operating activities 1,272,000 Cash flows from investing activities Sale of equipment 288,000 Purchase of land (600,000) Purchase of buildings and equipment (1.152,000) Net cash used by investing activities (1,464,000) Cash flows from financing activities Payment of cash dividend (360,000) Sale of common stock_ 960.000 Net cash provided by financing activities 600.000 Net increase in cash 408,000 Cash, January 1, 2021 960.000 Cash, December 31, 2021 $1.368.000 Total assets on the balance sheet at December 31, 2021 are $6,648,000. Accumulated depreciation on the equipment sold was $336,000. When the equipment was sold, the Buildings and Equipment account received a credit of