The Following Information Is from the Noncurrent Asset Portion of Gomez

Essay

The following information is from the noncurrent asset portion of Gomez Company's balance sheet.
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { December } 31$$\begin{array}{lrrrr}&2017&2016\\ \text { Property, plant, and equipment } & \$ 354,000 & \$ 300,000 & \\\text { Accumulated depreciation } & (220,000) & (190,000) \\\text { Long-term investments } & 86,000 & 62,000 &\end{array}$

The following activities occurred during 2017:
Sold equipment with a book value of $6,000 (= $26,000 cost * $20,000 accumulated depreciation)for $16,000 cash.Depreciation expense for the year totaled $50,000.
Purchased property for $80,000 cash.
Purchased long-term investments for $24,000 cash.
(1)Prepare the investing activities section of the statement of cash flows for Gomez Company for the year ended December 31,2017.
(2)Explain the change in each noncurrent asset account.