Brief Exercise $8-5($Algo$)$ Effect of the disposal of plant assets on the financial statements LO $8-5$

Mix & Match Company sold office equipment with a cost of $$69,000$ and accumulated depreciation of $$50,000$ for $$45,000$ cash.

Required:

What is the amount of gain or loss on the disposal?

How would the sale affect net income $($increase$,$ decrease, no effect$)?$

How would the sale affect the amount of total assets shown on the balance sheet $($increase$,$ decrease, no effect$)?$

How would the event affect the statement of cash flows $($inflow$,$ outflow, no effect$)?$