Problem 3 The following account information appears in the accounting records of Cheatem Corporation for 2019. 2019 2018 Plant assets....................... (Accum. deprec.)............... $ 600,000 (105,000) $ 300,000 (60,000) Other information: Sold plant assets costing $120,000, with accumulated depreciation of $35,000 Loss on sale of equipment: $18,000 Purchased plant assets for cash of ? Instructions: a. On the worksheet provided determine the net cash used by investing activity (Show computations) b. Determine the depreciation expense for the year