Madison Company Owned an Asset That Had Cost $44,000

Question 66
Multiple Choice

Madison Company owned an asset that had cost $44,000.The company sold the asset on January 1,2016 for $16,000.Accumulated depreciation on the day of sale amounted to $32,000.Based on this information,the sale would result in: A)A $16,000 cash inflow in the investing activities section of the cash flow statement. B)A $16,000 increase in total assets. C)A $4,000 gain in the investing activities section of the statement of cash flows. D)A $4,000 cash inflow in the financing activities section of the cash flow statement.