On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $310,000 and has accumulated depreciation of $260,000. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal?
A) Accumulated Depreciation, debit, $310,000
B) Loss on Disposal of Asset, debit, $260,000
C) Equipment, credit, $310,000
D) Gain on Disposal of Asset, credit, $50,000
Correct Answer:
Verified
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