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16. Use the information below for ABC Ine. for 2017 and 2018 to answer tha...

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Accounting

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16. Use the information below for ABC Ine. for 2017 and 2018 to answer tha following question: buring 2017, ABC Inc. sold equipment with a cost of $30,000 and accumulated depreciation of $25,000 for cash. A gain of $3,000 was recognized on the sale of the equipment. This was the only equipment sale during the year. A. What amount would be reported as the cash proceeds from the sale of equipment? B. Assume that all purchases of equipment were paid with cash. How much cash was paid by Shorter for the purchase of equipment during 2018

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