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1 . During 2023, the company decided to install a security system from Safety-Sure in their office building. The installation took place in December 2023. The cost of the equipment was $2,700 and installation by Safety-Sure cost an additional $4,000. During the installation process, Safety-Sure told Ross that updates to the buildings electrical panel were required for the security system to work properly. Ross hired an electrician to do the work. While the electrician was on-site to do the panel upgrade, Ross had the electrician repair a few outlets in the office building that were not working. The electrician was paid $2,000 for the work; $500 of that amount was for the repairs to the outlets.

2 . On September 29, Ross sold a piece of equipment that had been used in operations for $4,000. That equipment was purchased on 12/1/2018 at a cost of $9,000 and was depreciated over a 10-year life with a zero salvage value.

3 . On May 2, Ross traded-in (exchanged) some older office furniture for new furniture. The new furniture had a list price of $8,000. The older furniture was purchased 1/1/2020 for $4,000. It was depreciated over a 5-year life with a $100 salvage value. The fair value of the old furniture at the time of the exchange was $1,500. Ross paid $6,000 cash plus the trade-in of the older furniture for the new furniture. The transaction did not have a material impact on cash flows for Ross or change the companys economic position.

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