The comparative balance sheets and income statements for Gypsy Company follow. Additional Data 1. During Year 2 , the company sold equipment for $18,347; it had originally cost $30,000. Accumulated depreciation on this equipment was $12,203 at the time of the sale. Also, the company purchased equipment for $6,650 cash. 2. The company sold land that had cost $3,890. This land was sold for $3,800, resulting in the recognition of a $90 loss. Also, common stock was issued in exchange for title to land that was valued at $12,600 at the time of exchange. 3. Paid dividends of $9,704. GYPSY COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Less: Increases in current assets and decreases in current liabilities