Effect of Transactions on Cash Flow Statement: Sale of Used

Chapter 24 Practice 1 Saved Help Save Explanat 2 Show co What effect would each of the following transactions have on the statement of cash flows? 0/0 1. The sum of $16,000 in cash was received from the sale of used office equipment that originally cost $25,000. Depreciation of points awarded $12,000 had been taken on the asset up to the date of the sale. The resulting $3,000 gain was shown on the income statement. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and Scored double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.) eBook Hint The $3,000 gain should be subtracted from net income in the operating section of the cash flow statement. Print The $3,000 gain should be subtracted from net income in the financing section of the cash flow statement. References The $3,000 gain should be subtracted from net income in the investing section of the cash flow statement. The $16,000 cash received is reported as a cash inflow in the investing section of the cash flow statement. The $16,000 cash received should be reported in the operating section of the cash flow statement. The $16,000