A Truck Costing $56,000 Has Accumulated Depreciation of $50,000

A truck costing $56,000 has accumulated depreciation of $50,000. The truck is scrapped for $700. The journal entry to record this transaction is to:

A) debit Cash for $700, debit Truck for $50,000, debit Loss on Disposal for $5,300 and credit Accumulated Depreciation - Truck for $56,000.
B) debit Cash for $700, debit Accumulated Depreciation - Truck for $50,000, debit Loss on Disposal for $5,300 and credit Truck for $56,000.
C) debit Accumulated Depreciation - Truck for $50,000, debit Loss on Disposal $6,000, and credit Truck for $56,000.
D) debit Cash for $700, debit Loss on Disposal for $55,300 and credit Truck for $56,000.