If a fixed asset was sold on January 1 at a sales price of $1,000. The asset originally cost $10,000 and $7,000 of depreciation has been recorded to date. What is the effect of t statements? Cash will increase, fixed assets will decrease, and the company will record a gain of $1,000. Cash will increase, fixed assets will decrease, and the company will record a loss of $2,000. There would be no effect on the financial statements. Cash will increase, fixed assets will decrease, and the company will record a gain of $2,000.

staterments? Cash will increase, foced assets will decrease, and the compary wit record a gain of $1,000. Cash will increase, fixed assets will decrease, and the company will record a loss of $2,000. There would be no effect on the financial statements. Cash will increase, foced asspts will decrease, and the company will record a gain of $2,000