A plant asset is acquired by a business on January 2. 20X6, for $10,000. The asset's estimated residual value is $2,000 and its estimated useful life is 5 years. Management chooses to use straight-line depreciation. On January 2. 20X8. the asset is sold for $5,000. The entry to record the sale has what effect on the financial statements? Assets decrease, expenses increase, and net income and owners' equity decrease. Assets decrease and owners' equity and expenses both increase. Has no effect on the financial statements if the journal entry is in balance. Assets increase, expenses decrease, and net income and owners' equity increase