Jaspreet Survey Inc. has recently sold some surveying equipment that had an original cost of...
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Accounting
Jaspreet Survey Inc. has recently sold some surveying equipment that had an original cost of $46,000 and up-to-date accumulated depreciation of $20,000. Jaspreet sold the equipment to Jerome El-Razi for $20,000. Which of the following statements best describes the impact on Jaspreets income statement as a result of this sale?
1.Net income will be unaffected by this transaction
2.Net income will decrease by $6,000
3.Net income will increase by $20,000
4.Net income will decrease by $26,000
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