Your client just sold their old equipment. They use straight-line depreciation. The asset was purchased on January 1, Year 1 and was sold on March 31, Year 3.
The details of the equipment and the sale include:
|Details on Sold Equipment:|
|Accumulated Depreciation, Mar 31, Year 3||\$13,500|
|Cash received when sold||\$ — ? —|
|Loss on sale, equipment||(\$2,300)|
What is the amount of the cash proceeds from sale of equipment that will be reported in the Investing section of the Cash Flow Statement?