Problem:
A fixed asset has an original cost of $32,000 and is three-fourths depreciated. The asset is sold for $10,000 - show how you derived your answer
Required:
Question 1: What is the gain (+) or loss (-) on the sale of the asset
Question 2: What amount is recorded in the CFO section of the CFS (positive or negative)?
Question 3: What amount is recorded in the CFI section of the CFS (positive or negative)?
Note: Please describe comprehensively as well as provide step by step solution.