Un Company sold office equipment with a cost of $23,000 and accumulated depreciation of $12,000 for $14,000. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much? e. How would the event affect the statement of cash flows (inflow, outflow, no effect) and in what section? a. Book value b. Gain (loss) on sale Net income would by C. d. Total assets would by e. Effect Section

Un Company sold office equipment with a cost of $23,000 and accumulated depreciation of $12,000 for $14,000. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much? e. How would the event affect the statement of cash flows (inflow, outflow, no effect) and in what section? a. Book value b. Gain (loss) on sale Net income would by C. d. Total assets would by e. Effect Section

Name: Answer full question. Un Company sold office equipment with a cost of
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Description: Answer full question. Un Company sold office equipment with a cost of $23,000 and accumulated depreciation of $12,000 for $14,000.Requireda. What is the book value of the asset at the time of sale?b. What is the amount of gain or loss on the disposal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 12PA: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...

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