Preliminary Computations needed to complete Statement of Cash Flows

1: Compute the gain/Loss of the Asset Sold.

2: Reconcile the Balance of the Depreciation Account

Smart Touch Computer Equipment, Inc. \begin{tabular}{|l|r|r|r|} \hline \multicolumn{3}{|c|}{ Smart Touch Computer Equipment, Inc. } \\ \hline \multicolumn{3}{|c|}{ Income Statement } \\ \hline \multicolumn{3}{|c|}{ For the year ended 12/31/2023 } & \\ \hline Revenues and Gains & & \\ \hline Sales Revenues & & \\ \hline Interest Revenue & 276,000 & & \\ \hline Dividend Revenue & 12,000 & & \\ \hline Gain on Sale of plant assets & 9,000 & & \\ \hline Total Revenues & 10,000 & \\ \hline Expenses & & 307,000 \\ \hline Cost of Goods Sold & & \\ \hline Salary and Wage Expense & & \\ \hline Depreciation Expense & 156,000 & \\ \hline Other Expense & 56,000 & \\ \hline Interest Expense & 20,000 & \\ \hline Income Tax Expense & 16,000 & \\ \hline Total Expenses & 15,000 & \\ \hline Net Income & 14,000 & \\ \hline \end{tabular} \begin{tabular}{|c|r|} \hline Other Information pertaining to 2023: & \\ \hline Cash receipts form selling an aging Plant Asset & 50,000 \\ \hline Amount of depreciation on the Plant Asset that was sold & 20,000 \\ \hline Issued Common stock 3000 shares of no-par selling for $40/sh & 120,000 \\ \hline Paid Dividends & 10,000 \\ \hline Paid Long-term Notes Off & 10,000 \\ \hline Sold Treasury stock 5000 shs @ of no par selling for $40 & 20,000 \\ \hline Purchased Plant assets & 310,000 \\ \hline Received Cash from issuing new Noted Payable & 90,000 \\ \hline \end{tabular}