Please select the True statement: COGS appears on the liability side of the BS Changes in depreciation expense do not affect a firm's net income If there is no change in gross fixed assets from one year to the next, then net fixed assets would have to have increased The balance sheet identity indicates that total liabilities can be found by subtracting total equity from total assets QUESTION 8 Assuming the following for a piece of equipment Purchase price and installation cost: S16000, S-year useful life with an estimated salvage value of $3000. If you sell it after 3 years at $9000. What is your capital gain? Note: Capital gain - Selling price - Book value O $800 O $7,000 O $6,000 O $1,000