Item4 Part 4 of 4 1 points eBookReferencesItem 4 Required information LO 6-5: (Algo) Show how gains and losses on disposals of long-term operational assets affect financial statements (prerequisite LO 8-2) Skip to question Assessment 4: (Algo) On January 1, Year 5, Raven Limo Service, Incorporated Raven sold a used... On January 1, Year 5, Raven Limo Service, Incorporated sold a used limo that had cost $68,000 and had accumulated depreciation of $38,000. The limo was sold for $27,600 cash. Which of the following shows how the sale of the limo would affect Raven's financial statements? Balance Sheet Income Statement Cash Flow Statement Assets = Liabilities + Equity Cash + Book Value of Limo Gain Loss = Net Income A. $27,600 + $(30,000) = NA + $(2,400)