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Determine gain or loss on the sale of property and equipment

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

From the comparative balance sheet: 2016 2015

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 share 383

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

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

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

Reference no: EM132186693

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