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Choose the best answer for the blank: Micah Bartlett Company purchased equipment on January 1,...

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Accounting

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Choose the best answer for the blank: Micah Bartlett Company purchased equipment on January 1, at a total invoice cost of $110,000. The equipment has an estimated salvage value of $10,000 and an estimated useful life of 5 years. The straight-line method of depreciation is used. The company sold the equipment on December 31 of the same year at $80,000. The company then O credits gains/losses $1,000 O records no gains/losses O credits gains/losses $2,000 O debits gains/losses $1,000 O debits gains/losses $2,000

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