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beprecate the asset: Astume that Davis Corp. wold the asset on July 1, 2017, and received 318,000 cash and a note for an adsibonak-\$12,000. Required: 1. Tdertify and aneyze the effea of the transaction for depreciation for 2017 . Activity Statemenk(s) batancesheetand incemestatement d rettian - Cuesurwen 3Iy 1, 20t7, and tecelved $18.080 ash and a tote for an adtional 112,000 . trantastion for depreciation for 2017 . netease, Accumulated Depresiation - Asset tencrease Statement(s) feabach - Owat ive wos decrease, be sure to enter the answer weh a minks sign. Remembert it a contra account is increased, it will have the effect of decreating the corresponding firancial statertent item Pathin t Cais ur wor. 2. How shosid the gain or loss on tha sale of the asset be presented on the income statement? The gan of loss should appear it the 2 is the income statement to indicace that it part of the nomal oserating activity of the compasy. ffected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, l.e, a is increased, it will have the effect of decreasing the corresponding financial statement item. e income statement to indicate that it part of the normal operating activity of the company