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