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Data Table Requirements From the balance sheets 1. T-accounts for Property and Equipment and Accumulated Depreciation have 12/31/18 12/31/17 been opened for you. Enter the information as presented and solve for the unknown in each account. (Hint. Recall the types of transactions that make each of the two accounts increase and decrease. You are solving for the cost of Property and Equipment sold and the Accumulated Depreciation on those assets 22,620 S 20,560 (14,680) From the investing activities section of the 2018 cash flow statement Property and equipment Accumulated depreciation (15,550) 2. Based on your calculations in requirement 1, calculate the book value of Cash used to purchase property and equipment Proceeds from sale of property and equipment (2,820) 48 assets sold during 2018. What is the difference between the sales price and the book value? 3. Prepare the journal entry for the sale of property and equipment during 2018 Describe the effect of this transaction on the financial statements. Compare the sales price and the book value in the journal entry, and compare this to the difference you calculated in requirement 2. Describe briefly From the 2018 income statement Depreciation expense Gain or loss on the sale of equipment 1,580 4. Prepare a T-account for Property and Equipment, Net. Repeat requirement 1

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