Multiple Choice
What is the journal entry to record the disposal of the asset?
A) Debit Cash and credit Gain on Disposal for $95,000
B) Debit Cash for $450,000, debit Accumulated Depreciation for $545,000, credit Gain on Disposal for $95,000, and credit Equipment for $900,000
C) Debit Cash and credit Equipment for $545,000
D) Debit Cash for $545,000, debit Accumulated Depreciation for $260,000, debit Loss on Disposal for $95,000, and credit Equipment for $900,000
Correct Answer:
Verified
Correct Answer:
Verified
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