Question 3 Three-Eyed Raven Ltd. reported the following at December 31, 2016 (in thousands): 2016 2015 From the comparative balance sheet: Property and equipment, net $11,150 $9,590 Long-term notes payable 4,400 3,080 From the statement of cash flows: Depreciation $1,920 Capital expenditures (4,130) Proceeds from sale of property and equipment 770 Proceeds from issuance of long-term note payable 1,190 Payment of long-term note payable (110) Issuance of common shares 383 Determine the following items for Three Eyed Raven Ltd. During 2016: Gain or loss on the sale of property and equipment. Amount of long-term debt issued for something other than cash.