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In 2021, Stevenson Company has plant equipment that originally cost $55,000 and...

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Accounting

In 2021, Stevenson Company has plant equipment that originally cost $55,000 and has accumulated depreciation of $30,000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Pronto use to record the retirement of the equipment?
Group of answer choices
Loss on Disposal 55,000
Plant Equipment 55,000
Loss on Disposal 55,000
Accumulated Depreciation Plant Equipment 55,000
Plant Equipment 55,000
Accumulated Depreciation Plant Equipment 30,000
Loss on Disposal 25,000
Accumulated Depreciation Plant Equipment 30,000
Loss on Disposal 25,000
Plant Equipment 55,000

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