Question: TB MC Qu . 0 8 - 6 7 ( Static ) Madison Company owned an asset that had cost... Madison Company owned an asset

TB MC Qu.08-67(Static) Madison Company owned an asset that had cost...
Madison Company owned an asset that had cost $44,000. The company sold the asset for $16,000. Accumulated depreciation on the day of sale amounted to $32,000. Which of the following would be reported in the financial statements?
Multiple Choice
A $16,000 cash inflow in the investing activities section of the cash flow statement.
A $16,000 increase in total assets.
TB MC Qu . 0 8 - 6 7 ( Static ) Madison Company

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