36) Madison Company owned an asset that had cost $44,000. The company sold the asset on January 1, Year 4, for $16,000. Accumulated depreciation on the day of sale amounted to $32,000. Based on this information, the sale would result in: Assets Liabilities | Equity Net Income | Cash Flow I 37) Schubert Co. owned equipment that originally cost $48,000. The company sold the equipment on January 1, Year 4, for $16,000 cash. Accumulated depreciation on the day of sale amounted to $34,000. Record the complete transaction. Assets Liabilities Equity Net Income 1 Cash Flow