The accountant for Alpine Hobby Stores prepared the following selected information for the year ended December 31, 2008:

Equipment with a book value of $20,000 was sold for $17,000 cash. The original cost of the equipment was $25,000. Determine the cash inflows and outflows during 2008 associated with each of the accounts listed. Indicate how the cash flows for each item would be presented on the statement of cashflows.

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Dec. 31, 2008 Dec. 31, 2007 (a) Equipment (b) Accumulated Depreciation (c) Long-Term Debt (d) Common Stock $35,000 1,000 13,000 20,000 $40,000 9,500 20,000 15,000 --