What is the gain or loss on the sale of the asset

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Reference no: EM13726097

A fixed asset has an original cost of $32,000 and is three-fourths depreciated. The asset is sold for $10,000 – show how you derived your answer

1. What is the gain (+) or loss (-) on the sale of the asset

2. What amount is recorded in the CFO section of the CFS (positive or negative)?

3. What amount is recorded in the CFI section of the CFS (positive or negative)?

Reference no: EM13726097

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