The payment of a liability A) decreases assets and liabilities. B) decreases assets and stockholders' equity. C) decreases assets and increases liabilities. D) increases assets and decreases liabilities. Kathy's Blooms purchased a delivery van with a $60,000 list price. The company was given a $6,000 cash discount by the dealer, and paid $3,000 sales tax. Annual insurance on the van is $1, 500. As a result of the purchase, by how much will Kathy's Blooms increase its van account? A) $54,000. B) $57,000. C) $58, 500. D) $60,000. The balance in the Accumulated Depreciation account represents the A) cash fund to be used to replace plant assets. B) amount to be deducted from the cost of the plant asset to arrive at its fair market value. C) amount charged to expense since the acquisition of the plant asset. D) amount charged to expense in the current period. When an asset is sold, a gain occurs when the A) sale price exceeds the book value of the asset sold. B) sale price exceeds the original cost of the asset sold. C) sale price exceeds the depreciable cost of the asset sold. D) book value exceeds the sale price of the asset sold