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ABC Corporation was formed and purchased a car on January 1st, 2021 for $15,000. The expected useful life of the car is 13 years and

ABC Corporation was formed and purchased a car on January 1st, 2021 for $15,000. The expected useful life of the car is 13 years and its expected salvage value is $4,000. On December 31st, 2023, ABC Corporation sells the car for $7,000. Identify how this sale affects GSIF Corporations three financials statements. Assume a tax rate of 40% and straight line depreciation.

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