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Which of the following statements are true? Multiple select question. When assets are sold for more or less than book value, a gain or loss
Which of the following statements are true?
Multiple select question.
When assets are sold for more or less than book value, a gain or loss results.
Gains and losses are reported in both the operating and investing sections of the statement of cash flows.
Net income must be adjusted for gains and losses to determine net cash flow from operating activities.
Cash flows from the sale of long-term assets are reported in the financing section of the statement of cash flows.
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