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Determine the gain or loss on the sale of property

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Question - Three-Eyed Raven Ltd. reported the following on December 31, 2016 (in thousands):

 

2016

2015

From the comparative balance sheet

 

 

Property and equipment, net

$11,150

$9,590

Long-term notes payable

4,400

3,080

From the statement of cash flows:

 

 

Depreciation

$1,920

 

Capital expenditures

(4,130)

 

Proceeds from sale of property and equipment

770

 

Proceeds from issuance of long-term note payable

1,190

 

Payment of long-term note payable

(110)

 

Issuance of common shares

383

 

Required - Determine the following items for Three Eyed Raven Ltd. During 2016:

1. Gain or loss on the sale of property and equipment.

2. Amount of long-term debt issued for something other than cash.

Reference no: EM133081053

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