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Required information [The following information applies to the questions displayed below.] The following information was drawn from the year-end balance sheets of Mass Trading Company.
Required information [The following information applies to the questions displayed below.] The following information was drawn from the year-end balance sheets of Mass Trading Company. Additional information regarding transactions occurring during Year 2: 1. Investment securities that had cost $6,050 were sold. The Year 2 income statement contained a loss on the sale of investment securities of $600. 2. Equipment with a cost of $57,000 was purchased. 3. The income statement showed a gain on the sale of equipment of $5,500. On the date of sale, accumulated depreciation on the equipment sold amounted to $7,000. 4. A building that had originally cost $159,500 was demolished. 5. Land that had cost $26,200 was sold for $21,900. b. Determine the amount of cash flow from the sale of investment securities during Year 2
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