Equipment was purchased at a cost of $52,000. It had an estimated useful life of seven years and a residual value of $3,000. Assuming the equipment was sold at the end of Year 6 for $14,000, which of the following will be included in the journal entry? (Assume the straight-line depreciation method.)
(A) a credit to Loss on Sale of Asset
(B) a credit to Cash
(C) a debit to Accumulated Depreciation-Equipment
(D) a debit to Gain on Sale of Asset
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