Bach Company sold an asset with a book value of $54,000 for $90,000 cash. Which of the following is a TRUE statement?
A) Gain on sale equals $90,000 and Cash inflow equals $90,000.
B) Gain on sale equals $54,000 and Cash inflow equals $54,000.
C) Gain on sale equals $36,000 and Cash inflow equals $90,000.
D) Gain on sale equals $90,000 and Cash inflow equals $36,000.
Correct Answer:
Verified
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