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  3. wiley company's income statement for year 2 follow

Wiley Company's income statement for Year 2 follows: The company's selling and administrative expense for...

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Accounting

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Wiley Company's income statement for Year 2 follows: The company's selling and administrative expense for Year 2 includes $80 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows: Required: 1. Using the direct method, convert the company's income statement to a cash basis. 2. Assume that during Year 2 Wiley had a $13,000 gain on sale of investments and a $4,000 loss on the sale of equipment. Would these transactions affect the computation in (1) above? Using the direct method, convert the company's income statement to a cash basis. (Adjustment amounts deducted should he indicated with a minus sinn.) Assume that during Year 2 Wiley had a $13,000 gain on sale of investments and a $4,000 loss on the sale of equipment. Would these transactions affect the computation in (1) above

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