Multiple Choice Option A Option B Option C Option D

On January 1, Year 5, Raven Limo Service, Incorporated sold a used limo that had cost S64,OOO and had accumulated depreciation of $36,000_ The limo was sold for $26,000 cash. Which of the following shows how the sale ofthe limo would affect Raven's financial statements? Balance Sheet (28, 80) (28, 000) (28, 000) Income Statement A. B. c. D. Cash 26 , eeo 26, 26 , eeo 26, Assets 800k Value of Limo (28, 80) Stockholders ' Liabilities + Equity (2,000) 2, oo (2,000) (2,000) Gain 2, ooe 2, ooe Loss 2, ooe 2, ooe Net Income (2,000) 2, ooe (2,000) (2,000) Statement of Cash Flows 26,oee IA 2,oe IA 26,O IA Multiple Choice O O O O Option A Option B Option C Option D