Question: Please do not copy from Chegg. Only attempt if you are sure about the answer. Solve in a step by step manner, explaining each step.

Please do not copy from Chegg. Only attempt if you are sure about the answer. Solve in a step by step manner, explaining each step.

The property, plant, and equipment section of Procomp Inc.'s comparative balance sheet follow Dec 31, 20 Dec 31, 20 X4 X3 Property, plant, & equipment Land $ 94,000 $ 94,000 Equipment 652,000 527,000 Less: Accumulated depreciation (316,000) (341,000) New equipment purchased during 20x4 totaled $295,000. The 20/4 income statement disclose d equipment depreciation expense of $43,000 and a $9.000 loss on the sale of equipment. a. Determine the cost and accumulated depreciation of the equipment sold during 20X4. b. Determine the selling price of the equipment sold. C Show how the sale of equipment would appear on a statement of cash flows prepared b y using the indirect method

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