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Tampa Bay Lightning Company provided the following condensed information regarding cash flows: 1 wl Fi TO 2022 2021 Assets Cash s $ 33,750 Accounts Receivable
Tampa Bay Lightning Company provided the following condensed information regarding cash flows: 1 wl Fi TO 2022 2021 Assets Cash s $ 33,750 Accounts Receivable 144,375 93.750 Land 250,000 312.500 Trucks 500,000 170,000 Accumulated Depreciation - Trucks 87,500 100,000 Equipment 112,500 50,000 Accumulated Depreciation - Equipment 31,250 - 12.500 Total Assets $ 888,125 $ 547,500 A gain of 56,250 was recorded when used Trucks were sold. New trucks were purchased for S437,500. The depreciation expense for trucks during the year was $37,500 Some land was disposed of during 2022 but none was purchased. A gain of $12,500 was recorded. Equipment was purchased during the year for $87,500. Some equipment was also sold for $10,000. The equipment that was sold had accumulated depreciation of $18,750. Required - fill in the blanks with your answers for the following: a) What were the cash proceeds from the sale of land? b) What were the cash proceeds from the sale of trucks? c) What is the gain or loss amount on the equipment that was sold during the year (a positive answer is a gain (ex. 1.000] and a negative answer [ex. -1,000) is a loss)
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