Multiple Choice
Madison Company owned an asset that cost $44,000. The company sold the asset for $16,000. Accumulated depreciation on the day of sale amounted to $32,000. Which of the following statements is true?
A) A $16,000 cash inflow in the investing activities section of the cash flow statement.
B) A $16,000 increase in total assets.
C) A $4,000 gain in the investing activities section of the statement of cash flows.
D) A $4,000 cash inflow in the financing activities section of the cash flow statement.
Correct Answer:
Verified
Correct Answer:
Verified
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