Remini Company Sells a Piece of Equipment for $20,000 Cash

Remini Company sells a piece of equipment for $20,000 cash.The equipment has a historical cost of $80,000 and accumulated depreciation of $50,000.What is the journal entry to record the sale of the equipment?

A) debit Cash for $20,000 and credit Gain on Sale of Equipment for $20,000
B) debit Cash for $20,000,debit Accumulated Depreciation for $50,000 and credit Equipment for $70,000
C) debit Loss on Sale of Equipment for $10,000,debit Cash for $20,000,debit Accumulated Depreciation for $50,000 and credit Equipment for $80,000
D) debit Cash for $20,000,debit Accumulated Depreciation for $50,000,debit Gain on Sale of Equipment $10,000 and credit Equipment for $80,000