Atlanta Company sold equipment for cash. The income statement shows a gain on the sale of $1020. The net book value of the asset was $3710. Which of the following statements describes the cash effect of the transaction?
A) negative cash flow of $4730 for financing activities
B) negative cash flow of $2690 for operating activities
C) positive cash flow of $4730 from investing activities
D) positive cash flow of $2690 from investing activities
Correct Answer:
Verified
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