New equipment is acquired $57,600 cash. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. New equipment is acquired $57,600 cash. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement