Un Company sold office equipment with a cost of $42,500 and accumulated depreciation of $39,077 for $5,280. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much? e. How would the event affect the statement of cash flows (inflow, outflow, no effect) and in what section? b. C Book value Gain (loss) on sale Net income would Total assets would Effect Section by by d e