The financial information below was taken from the records of Frederickson and Peffer. 1997 1996 Balance Sheet Equipment $26,900 $23,400 Less: Accumulated depreciation 10,500 9,800 Net book value Income Statement $16,400 $13,600 Depreciation expense $3,800 $3,500 Loss on sale of equipment Statement of Cash Flows 900 0 Cash received on sale of equipment $4,300 $0 REQUIRED:

a. Reconstruct the entry that recorded the sale of equipment during 1997.

b. How much equipment was purchased during 1997?