The following information was taken from the records of Dylan’s Toys. 1997 1996 Machinery $ 45,000 $ 20,000 Accumulated depreciation (15,000) (10,000) Depreciation expense 7,000 6,000 Gain on sale of machinery 2,000 500 ADDITIONAL INFORMATION: Machinery with a cost of $8,000 was sold during 1997. REQUIRED:

a. How much machinery was purchased during 1997?

b. How much cash was collected on the sale of the machinery during 1997?

c. Provide the journal entry to record the sale of the machinery.