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3. Plankton Corp. owned an asset that cost $600,000. The company sold the asset on January 1, Year 3 for $310,000. Accumulated depreciation on the

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3. Plankton Corp. owned an asset that cost $600,000. The company sold the asset on January 1, Year 3 for $310,000. Accumulated depreciation on the day of the sale was $450,000. Based on this information, answer the following questions: a. What is the gain/loss on the sale? Assets b. Show the impact of the transaction on the horizontal equation: Liabilities Stockholders' Rev/Gain Exp/Loss Equity + Net Income Cash Flow

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