For each scenario, describe the effects on the Current assets, current ratio and net income.

1- A truck purchased 4 years ago for 28000 is sold for 20,000. the Truck has been depreciated at a rate of 3500 per year. The buyer paid in cash.

2- A truck purchased 4 years ago for 28000 is sold for 10,000. The truck depreciated at a rate of 3500 per year and was paid in cash

3- At the end of the first quarter a vendor agrees to exchange a 3 year interest bearing note for a trade payable balance.