The comparative balance sheets and income statements for Gypsy Company follow. 1. During Year 2 , the company sold equipment for $21,500; it had oniginally cost $36,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000 cash. 2. The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange. 3. Paid dividends of $12,400. GYPSY COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Net income $26,100 Less: Increases in current assets and decreases in current liabilities: "Red text indicates no response was expected in a cell or a formula-based calculation is incorrecti no points deducted