Happy Acres, Inc., sold equipment for $3,000 cash. The equipment cost $74,300 and had accumulated depreciation through the date of sale of $70,000. The journal entry to record the sale:
A) will record a gain on the sale of $1,300.
B) will debit Accumulated Depreciation for $74,300.
C) will decrease net assets.
D) will increase stockholders' equity.
Correct Answer:
Verified
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