Refer to the below balance sheet and solve below questions A-J step by step. Show work.

A). Calculate the Book value of the asset sold.

B). Calculate the Historical cost of the asset sold.

C). Calculate the Related accumulated depreciation for the equipment sold.

D). Calculate the Net Income.

E). Calculate the Depreciation expense.

F). Calculate the Gain on sale of equipment.

G). Calculate the Issue common Notes.

H). Calculate the Net cash provided by (used in) financing activities.

I). Calculate Net increase (decrease) in cash.

J). Calculate the Net increase (decrease) in cash

Note: Carefully read the notes at the bottom of this statement

Balance Sheet

12/31/2016

2016 2015

Assets

Current Assets

Cash $68,250.00 $63,500.00

Accounts Receivable $15,250.00 $22,250.00

Prepaid Insurance $7,500.00 $10,000.00

Merchandise Inventory $35,000.00 $20,000.00

Total Current Assets $126,000.00 $115,750.00

Property and Equipment:

Buildings $350,000.00 $350,000.00

Equipment $210,000.00 $150,000.00

Total Cost $560,000.00 $500,000.00

Accumulated Depreciation $60,000.00 $45,000.00

Net Property and Equipment $500,000.00 $455,000.00

Total Assets $626,000.00 $570,750.00

Liabilities

Current Liabilities

Accounts Payable $40,000.00 $41,850.00

Wages Payable $58,000.00 $40,000.00

Unearned Revenue $20,000.00 $25,000.00

Interest Payable $4,000.00 $5,000.00

Taxes Payable $10,000.00 $8,000.00

Total Current Liabilities $132,000.00 $119,000.00

Notes Payable (LT) $104,000.00 $125,000.00

Total Liabilities $236,000.00 $244,850.00

Stockholder's Equity

Common Stock $30,000.00 $25,000.00

Additional Paid in Capital $275,000.00 $250,000.00

Retained Earnings $85,000.00 $50,900.00

Total Stockholder's Equity $390,000.00 $325,900.00

Total Liabilities and SE $626,000.00 $570,750.00

Note to financial statements

1 Dividends declared and paid $ 12,650.00

2 Cash received from sale of equipment shown on income statement 8,000

3 Gain on sale of equipment shown on income statement 2,000

4 New equipment was purchased for cash 70,000

5 Additional common stock was issued

6 Notes were repaid and no additional loans were made

7 No buildings were purchased or sold