Rembrandt Company purchased an asset on January 1,2009 for $100,000.The asset had a $20,000 salvage value and a 10 year life.The asset was sold on January 1,2012 for $80,000.Show how the sale will affect Rembrandt's financial statements,assuming that Rembrandt uses straight-line depreciation.

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The Answer of Rembrandt Company purchased an asset on January 1,2009 for $100,000.The asset had a $20,000 salvage value and a 10 year life.The asset was sold on January 1,2012 for $80,000.Show how the sale will affect Rembrandt's financial statements,assuming that Rembrandt uses straight-line depreciation.

Rembrandt Company Purchased an Asset on January 1,2009 for $100,000