Warren Corporation's balance sheet reports equipment that originally cost $65,000. The accumulated depreciation for the equipment is $25,000. Warren sells the equipment for $37,000. What would the effect be on its income statement and statement of cash flows?

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The Answer of Warren Corporation's balance sheet reports equipment that originally cost $65,000. The accumulated depreciation for the equipment is $25,000. Warren sells the equipment for $37,000. What would the effect be on its income statement and statement of cash flows?

Warren Corporation's Balance Sheet Reports Equipment That Originally Cost $65,000