Smiley Corporation Sold Equipment Costing $70,000 with $65,000 of Accumulated

Smiley Corporation sold equipment costing $70,000 with $65,000 of accumulated depreciation for $10,000 cash.Which of the following journal entries should be prepared?

A) debit Cash for $10,000 and credit Gain on Sale of Equipment for $10,000
B) debit Cash for $5,000,debit Accumulated Depreciation for $65,000 and credit Equipment for $70,000
C) debit Cash for $10,000,credit Equipment for $5,000 and credit Gain on Sale of Equipment for $5,000
D) debit Cash for $10,000,debit Accumulated Depreciation for $65,000,credit Equipment for $70,000 and credit Gain on Sale of Equipment for $5,000