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What would the effect be on the income statement

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Question 1: Warren Corporation's balance sheet reports equipment that originally cost $70,000. The accumulated depreciation for the equipment is $26,400. Warren sells the equipment for $38,400. What would the effect be on its income statement and statement of cash flows?

Income Statement  Cash Flows

Gain: $5,200Operating - $5,200
Loss: $43,600Operating + $38,400
Gain: $38,400Investing + $38,400
Loss: $5,200Investing + $38,400

Reference no: EM132495698

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