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QUESTION 15 If a fixed asset was sold on January 1 at a sales price...

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Accounting

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QUESTION 15 If a fixed asset was sold on January 1 at a sales price of $5,000. The asset originally cost $10,000 and $7,000 of depreciation has been recorded to date. What is the alect of this transaction on the financial statements? Cash will increase, fixed assets will decrease, and the company will record again of $5,000 O Cash will increase, fixed assets will decrease, and the company will record again of $3.000 Cash will increase, fixed assets will decrease, and the company will record again of $2,000 There would be no effect on the financial statements

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