Bach Company sold an asset with a book value of $56,000 for $100,000 cash.Which of the following is a TRUE statement?
A) Gain on sale equals $100,000 and Cash inflow equals $100,000.
B) Gain on sale equals $56,000 and Cash inflow equals $56,000.
C) Gain on sale equals $44,000 and Cash inflow equals $100,000.
D) Gain on sale equals $100,000 and Cash inflow equals $46,000.
Correct Answer:
Verified
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