Question: On its income statement for 2021, Alpha Inc. reported a gain of $7,000 from selling equipment. Additional information taken from Alphas general ledger is shown

  1. On its income statement for 2021, Alpha Inc. reported a gain of $7,000 from selling equipment. Additional information taken from Alphas general ledger is shown below:

  • 1/1/21 balance for equipment $198,000
  • 12/31/21 balance for equipment (no equipment was acquired during 2021) 158,000
  • Accumulated depreciation-equipment 1/1/21 125,000
  • Depreciation expense-equipment for 2021 40,000
  • Accumulated depreciation-equipment 12/31/21 140,000
  • (A) How much cash was received from the sale of Alphas equipment for 2021?

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