Warren Corporation's balance sheet reports equipment that originally cost $78,000. The accumulated depreciation for the equipment is $29,600. Warren sells the equipment for $41,600. What would the effect be on its income statement and statement of cash flows?
A)Option A
B)Option B
C)Option C
D)Option D

Question

Warren Corporation's balance sheet reports equipment that originally cost $78,000. The accumulated depreciation for the equipment is $29,600. Warren sells the equipment for $41,600. What would the effect be on its income statement and statement of cash flows? 
A)Option A 
B)Option B 
C)Option C 
D)Option D

Quizplus · Accepted Answer

The Answer of Warren Corporation's balance sheet reports equipment that originally cost $78,000. The accumulated depreciation for the equipment is $29,600. Warren sells the equipment for $41,600. What would the effect be on its income statement and statement of cash flows? 
A)Option A 
B)Option B 
C)Option C 
D)Option D

Warren Corporation's Balance Sheet Reports Equipment That Originally Cost $78,000