An asset with a book value of $19,000 is sold for $16,000. Which of the followin

Question

An asset with a book value of $19,000 is sold for $16,000. Which of the following answers would accurately r show the net effect on the total amount under each category. For example, if cash increased by $100 and Ac assets column.) Gain or Inc. Flow Loss A) $19,000 --NA- $19,000 $19.0001 NA-- ?$19,0001$19,000?1 B) ($3,000)NA ($3.000) NA $3,000($3.000) $3.000 OA C) ($3,000)NA($3.000) NA$3,000 $3,000 $3.000 IA ?($3,000). .-NA--+--($3,000) ..-NA-??| $3,000? ($3,000)-$16,000 IA O Choice A O choice B O Choice C O choice D

Explanation / Answer

Ans: D The entry is debit credit cash 16000 loss on sale of asset 3000 asset 19000 (Being asset sold for cash) net decrease in assets = 19000-16000 = 3000

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