n't Use the following information in answering the following 4 questions. Below are balance sheet and income statement data for Howard Bannister Company. Note: For the balance sheet data, the end-of-year information is in the left column.

Balance Sheet Data

20X2

20X1

Accounts Payable

165

95

Accumulated Depreciation

520

339

Cash

200

100

Common Stock

1,000

700

DIVIDENDS PAYABLE

40

25

Equipment

2,700

2,395

Income Tax Payable

100

135

Inventory

1,120

890

Mortgage Payable

900

1,265

Prepaid General Expenses

300

350

Retained Earnings (ending balance, after closing)

1,545

1,098

Unearned Sales Revenue

50

78

Income Statement Data (for 20X2)

Sales

10,000

Loss on sale of PPE

100

Cost of Goods Sold

6,000

General Expense

2,000

Depreciation Expense

330

Income Tax Expense

700

Total Expenses

9,130

Net Income

870

Additional Information:

Equipment with a book value of $300 was sold during 20X2.

All accounts payable relate to inventory purchases.

Equipment costing $160 was purchased with a mortgage during 20X2. This fact is already

reflected in the balance sheet numbers reported above. All other purchases of Equipment in

20X2 were cash transactions.

4.

Compute the amount of Cash Paid for Inventory Purchases in 20X2.

$6,100

$5,700

$6,160

$6,230

$5,840

$6,300

$6,280

5.

Compute the total CASH FROM OPERATING ACTIVITIES in 20X2.

$1,183

$1,200

$1,300

$927

$697

$1,027

$1,227

$1,127

6.

Compute the total CASH FROM INVESTING ACTIVITIES in 20X2.

net outflow of $394

net outflow of $343

net outflow of $455

net inflow of $500

7.

Compute the CASH PAID FOR DIVIDENDS in 20X2.

$422

$458

$378

$428

$408

8.

Portland Company sold equipment with a book value of $600 for $850 cash. Total depreciation expense for the entire company for the year was $500. The beginning and ending balances in the Accumulated Depreciation account are $1,000 and $700, respectively. The beginning and ending balances in the Equipment account are $3,500 and $3,700 respectively. In the journal entry to record the sale of the equipment for $850 cash, which ONE of the following items would appear? Note: No other equipment was sold during the year.

Credit to Equipment for $1,400

Debit to Accumulated Depreciation for $500

Debit to accumulated Depreciation for $300

Debit to Loss on Sale of Equipment for $250

Debit to Equipment for $200

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PLEASE PROVIDE EXPLANATIONS, PLEASE! (If you couldn't answer all, please answer #7!)