On December 31,2018,Far Niente Winery Sold a Wine Press for $545,000;the

Multiple Choice

On December 31,2018,Far Niente Winery sold a wine press for $545,000;the wine press had originally cost $900,000.Cash was paid by the buyer of the press.Accumulated Depreciation on the press,updated to the date of disposal,was $450,000. 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 $545,000,debit Accumulated Depreciation for $450,000,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.