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What is the book value of the asset at the time of sale

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Reference no: EM133147071

Question - Un Company sold office equipment with a cost of $40,030 and accumulated depreciation of $36,085 for $6,290.

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?

Reference no: EM133147071

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