a vehicle used by rascal flats, inc. in its bu

A vehicle used by Rascal Flats, Inc. in its business was purchased 5 years ago for $20,000. Rascal has recorded $16,000 of depreciation on the vehicle prior to selling it in 2019. If Rascal sells the vehicle for $3,000, what is the effect on the financial statements for 2019 of the sale? Net income increases by $3,000 O Net income decreases by $1,000 Total assets increase by $3,000 Total assets decrease by $20,000