Aspen Corp. sold an asset with a book value of $59,000 for $31,000 cash. Which of the following is a TRUE statement?

A.

Loss on sale equals $59,000 and Cash inflow equals $59,000.

B. Loss on sale equals $28,000 and Cash inflow equals $31,000.

C. Loss on sale equals $31,000 and Cash inflow equals $28,000.

D. Loss on sale equals $31,000 and Cash inflow equals $31,000.