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  3. 2019 2020 cash $2,500 $6.000 accounts receivable $

2019 2020 Cash $2,500 $6.000 Accounts receivable $12,500 $9,000 Inventory $4,000 $5,500 Prepaid insurance $1,000...

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Accounting

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2019 2020 Cash $2,500 $6.000 Accounts receivable $12,500 $9,000 Inventory $4,000 $5,500 Prepaid insurance $1,000 $1,200 Equipment $22,000 $22,000 Accum. depreciation ($1,200) ($2,000) Land $12.000 $22.000 $52,800 $63.700 2019 2020 Accounts payable $4,000 $5,000 Salaries payable $1,000 $4,200 Utilities payable $1,800 $2,500 Note payable $25,000 $28,000 Interest payable $1,200 $2,600 Common stock $12,000 $12,000 Retained earnings $7.800 $9.400 $52,800 $63,700 If $18,000 was purchased in land during 2020 and $5,000 was shown on the statement of cash flows for the sale of land, what was the amount reported on the income statement related to the sale? ($3,000) O ($8,000) $5,000 $10,000 O None of the above

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