If a longterm asset had an original cost of $40,000, and accumulated depreciation of $35,000, but was sold for double its book value, there was: a. a gain on sale of $10,000. b. a loss on sale of $10,000. c. a loss on sale of $5,000 d. a gain on sale of $5,000. e. None of the above. QUESTION 31 We have studied two major accounting topics in ACCT 2017 so far. True False QUESTION 32 If Accounts Receivable has increased from one year to the next, you will show the change on your Cash Flow Statement as an addition to your Operating Activities total. True False