An Asset with an Original Cost of $75,000,a Residual Value

Multiple Choice

An asset with an original cost of $75,000,a residual value of $7,500,and a useful life of 5 years is given away without any consideration at the end of year five.The entry to record this is

A) Dr.Accumulated depreciation,Dr.Loss on disposal,Cr.Long-Term asset.
B) Dr.Accumulated depreciation,Cr.Gain on disposal,Cr.Long-Term asset.
C) Dr.Long-Term asset,Cr.Accumulated depreciation.
D) Dr.Accumulated depreciation,Cr.Long-Term Asset.