Company XYZ has Equipment with an original cost of $ and accumulated depreciation of $ The company sells the equipment for $ cash. Which of the following is the correct journal entry to record the sale?
A Debit Cash $; Debit Accumulated Depreciation $; Credit Equipment $
B Debit Cash $; Debit Loss on Sale of Equipment $; Credit Equipment $; Credit Accumulated Depreciation $
C Debit Cash $; Debit Loss on Sale of Equipment $; Credit Equipment $
D Debit Cash $; Credit Equipment $; Credit Gain on Sale of Equipment $
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