Complex Transactions, Acquisitions and Dispositions of Long- term Assets. Big Ben Corporation sold equipment for $ 2,000. The equipment’s cost was $ 25,000 and accumulated depreciation was $ 18,000. There were no other transactions conducted during the period. Big Ben also purchased a new building for $ 44,000 and paid cash. Net income for the year was $ 53,000.
Required
a. What is the gain or loss on the sale of equipment?
b. What are the operating and investing cash flows for the company? Use the indirect method. .