ABC Limited Acquired an Item of Plant on 1 July

ABC Limited acquired an item of plant on 1 July 2012 for $80 000. The estimated useful life of the plant at acquisition date was 5 years and the residual value $5000. The company sold the plant on 1 January 2016 for $30 000. The journal entry to reflect the sale is:

A) $\begin{array}{lll}\text { DR Cash } & \$ 30000 & \\\text { DR Accumulated depreciation } & \$ 56000 & \\\text { CR Plant } & & \$ 80000 \\\text { CR Gain on sale } & & \$ 6000\end{array}$
B) $\begin{array} { l l l } \text { DR Cash } & \$ 30000 & \\\text { CR Proceeds on sale } & & \$ 30000 \\\text { DR Carrying amount of plant } & \$ 27500 & \\\text { CR Plant } & & \$ 27500\end{array}$
C) $\begin{array} { l r } \text { DR Cash } & \$ 30,000 \\ \text { DR Loss on sale } & \$ 2500\\\text { CR Plant }&\$32,500 \end{array}$
D) $\begin{array} { l r r } \text { DR Cash } & \$ 30,000 & \\\text { DR Accumulated depreciation } & \$ 52,500 & \\\text { CR Plant } & \$ 80,000 \\\text { CR Gain on sale } & \$ 2500\end{array}$