Madison Company Owned an Asset That Had Cost $44,000

Madison Company owned an asset that had cost $44,000. The company sold the asset on January 1, Year 4, for $16,000. Accumulated depreciation on the day of sale amounted to $32,000. Based on this information, the sale would result in:

A) A $16,000 cash inflow in the investing activities section of the cash flow statement.
B) A $16,000 increase in total assets.
C) A $4,000 gain in the investing activities section of the statement of cash flows.
D) A $4,000 cash inflow in the financing activities section of the cash flow statement.