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Managerial Accounting

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The following information was drawn from the year-end blance sheet of Desoto Company:

Account Title` 2012 2011
Investment securities $35,500 $30,000
Equipment 235,000 220,000
Buildings 845,000 962,000
Land 80,000 69,000

Additional Information regarding transactions occurring during 2012:
1. Investment securities that had cost $ 5,600 were sold. The 2012 income statement contained a loss on the sale of investment securities of $600.
2. Equipment with a cost of $50,000 was purchased.

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