2. Using the completed Balance Sheet and using the additional information below, answer the following questions regarding the Balance Sheet. To receive full credit, you must show all your work:
a. What amount of equipment was purchased during 20X8?
b. Show the calculations for any gains or losses on the sale of assets in 20X8?
c. What amount of the total mortgage payable was paid in 20X8?
d. What is the amount of depreciation expense for 20X8?
Any purchases made for Investments or Property and Equipment were in cash.
Net Loss for 20X8 was ($550,000).
The following were sold in 20X8:
Equipment 1,000,000 500,000 700,000
Marketable Securities 100,000 N/A 50,000