Brief Exercise $7-26($Algo$)$ Determine financial statement effects of sale of long$-$term assets $($LO$10-6)$

Granite Stone Creamery sold ice cream equipment for $\backslash (\backslash$$ $12,400\backslash ).$ Granite Stone originally purchased the equipment for $\backslash (\backslash$$ $81,000\backslash ),$ and depreciation through the date of sale totaled $\backslash (\backslash$$ $66,500\backslash ).$

Determine the financial statement effects of the gain or loss on the sale of the equipment. $($Amounts to be deducted should be entered with minus sign.$)$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Income Statement$\}\backslash \backslash$

$\backslash$hline Revenues & $-$ & Expenses & $\backslash (=\backslash )$ & Net Income $\backslash \backslash$

$\backslash$hline $\backslash (\backslash$square $\backslash )$ & & Loss & & $\backslash \backslash$

$\backslash$hline P & & & & $\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Balance Sheet$\}\backslash \backslash$

$\backslash$hline Assets & $=$ & Liabilities & $\backslash (+\backslash )$ & Stockholders, Equity $\backslash \backslash$

$\backslash$hline $12,400$ Cash & & $($ & & $\backslash ((2,100)\backslash )\backslash \backslash$

$\backslash$hline $\backslash ((81,000)\backslash )$ Equipment & & & & $\backslash \backslash$

$\backslash$hline $66,500$ Accumulated Depreciation & & $($ & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$