Question $34(1$ point$)$

On December $31,2021,$ Far Niente Winery sold a wine press for $$545,000$; the wine press had originally cost $$900,000.$ Cash was paid by the buyer of the press. Accumulated Depreciation on the press, updated to the date of disposal, was $$450,000.$

What is the effect of the sale on the balance sheet and income statement of Far Niente reported as of and for the year ended December $31,2021?$

No effect on assets; increase net income.

Decrease assets; Increase net income.

Increase assets; Increase net income.

Decrease assets; Decrease net income.