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2.

Canada Olympian Co. provided the following condensed information regarding cash flows: 2022 2021 S Assets Cash Accounts Receivable Land Trucks Accumulated Depreciation - Trucks Equipment Accumulated Depreciation - Equipment Total Assets $ 13,500 57,750 37,500 100,000 125,000 200,000 68,000 35,000 - 40,000 45,000 20,000 12,500 - 5,000 $ 355,250 $ 219,000 - Some land was disposed of during 2022, but none was purchased. A gain of $5,000 was recorded. - Some used trucks were sold and a gain of $2,500 was recorded. New trucks were purchased for $175,000. The depreciation expense for trucks during the year was $15,000. - Equipment was purchased during the year for $35,000. Some old equipment was also sold for $5,000. The equipment that was sold had accumulated depreciation of $7,500. Required - fill in the blanks with your answers for the following: a) What were the cash proceeds from the sale of land? b) What were the cash proceeds from the sale of trucks? c) What is the gain or loss amount on the equipment that was sold during the year (a positive answer is a gain (ex. 1,000) and a negative answer (ex. -1,000) is a loss)? - Equipment was purchased during the year for $35,000. Some old equipment was also sold f equipment that was sold had accumulated depreciation of $7,500. Required - fill in the blanks with your answers for the following: a) What were the cash proceeds from the sale of land b) What were the cash proceeds from the sale of truc c) What is the gain or loss amount on the equipment [ex. 1,000) and a negative answer [ex. -1,000) is a los 0 25,000 35,000 20,000 30,000 5,000 during the year (a positive a equipment that was sold had accumulated depreciation of $7,500. Required - fill in the blanks with your answers for the following: a) What were the cash proceeds from the sale of land? b) What were the cash proceeds from the sale of trucks c) What is the gain or loss amount on the equipment tha [ex. 1,000) and a negative answer (ex. -1,000) is a loss) 0 23,000 ring the year (a positive 43,000 20,500 25,500 20,000