Morgantown Company began the month with a balance of $3,100 in accounts payable. The following transactions occurred during the month: 1 Purchase of office supplies on account $3,800 2 Paid $2,900 of accounts payable from the previous month 3 Sold $4,700 of services on account What is the balance in accounts payable at the end of the month? The Vega Company purchased equipment on January 1st, 2019 for $20,500 and expects that it will be useful for 10 years at which time it could be sold for $3,500. The company used the equipment for three years, then sold it for $16,000 on January 1st, 2022. What amount of gain or loss would the company report on the sale? Use a positive number to indicate a gain or a negative number to indicate a loss