In 2017, Blanchard Corporation Has Plant Equipment That Originally Cost $\quad\quad\quad\quad\begin{array}{lr}\text {Loss on Disposal of Plant Assets }&72,000\\\text {Equipment }&&72,000\\\end{array}$

In 2017, Blanchard Corporation has plant equipment that originally cost $120,000 and has accumulated depreciation of $48,000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Blanchard use to record the retirement of the equipment? a. $\quad\quad\quad\quad\begin{array}{lr}\text {Loss on Disposal of Plant Assets }&72,000\\\text {Equipment }&&72,000\\\end{array}$

b. $\quad\begin{array}{lr}\text {Accumulated Depreciation - Equipment }&48,000\\\text {Loss on Disposal of Plant Assets }&&72,000\\\text {Equipment }&&120,000\\\end{array}$

c. $\begin{array}{lr}\text {Equipment Loss on Disposal of Plant Assets }&72,000\\\text {Accumulated Depreciation - Equipment }&&72,000\\\end{array}$

d. $\begin{array}{lr}\text { Plant Equipment }&120,000\\\text { Accumulated Depreciation - Equipment}&&48,000\\\text {Loss on Disposal of Plant Assets }&&72,000\\\end{array}$