27) Equipment costing $38,000 with a carrying amount of $12,000 is sold for $11,500. Which...
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27) Equipment costing $38,000 with a carrying amount of $12,000 is sold for $11,500. Which of the following shows the correct journal entries for the sale of equipment? A) Equipment $38,000 Acc Amortization -equipment $26,000 Gain on sale 500 Cash $11,500 B) Cash $11,500 Acc Amortization -equipment 26,000 Loss on sale 500 Equipment $38,000 C) Cash $11,500 Acc Amortization -equipment 12,000 Loss on sale 14,500 Equipment $38,000 D) Cash $11,500 Amortization expense - equipment 26,000 Loss on sale 500 Equipment $38,000
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