Allentown Medical Supply reported beginning plant and equipment, net, of $105, 098. At the end of the year, they reported a net balance of $109, 603. Purchases of new property and equipment during the year totaled $12, 510, and depreciation expense was $7, 125. If they sold plant assets and reported a gain of $302. What must have been the book value of the assets sold during the year and the cash received on the sale? $8,005; $8, 307 $880; $578 $880; $1, 182 $8,005; $7, 703 $15, 150; $15, 452 An asset with a cost of $18,000 and accumulated depreciation of $11, 200 is sold for $5, 400. The entry has this effect on the financial statements: Assets decrease, and owners' equity and expenses both increase. Assets decrease, expenses increase, and net income and owners' equity decrease. Assets increase, expenses decrease, and net income and owners' equity increase. Has no effect on the financial statements if the journal entry is in balance