Tomfoolery Ltd Enters into a Sale-And-Leaseback Arrangement for an Aircraft

Tomfoolery Ltd enters into a sale-and-leaseback arrangement for an aircraft it owns.The resulting lease is classified as a finance lease.The details are as follows:
$$\begin{array} { l l } \text { Carrying amount of asset } & \$ 50000 \\\text { Proceeds from sale of asset } & \$ 60000 \\\text { Annual lease payment amount } & \$ 8000\end{array}$$
According to AASB 117,Tomfoolery should make which of the following entries to record the sale:

A)
$\begin{array}{ll}\text { Dr Cash at bank } & \$ 60000 \\\text { Cr Aircraft } && \$ 50000 \\\text { Cr Deferred gain on sale } && \$ 10000\\\text {Dr Aircraft under lease}&\$ 60000\\\text { Crlease liability }&&\$ 60000\end{array}$

B)
$\begin{array} { l l l } \text { Dr Air craft } & \$ 60000 \\\text { Cr Cash at bank } & & \$ 50000 \\\text { Cr Deferred gain on sale } & & \$ 10000\end{array}$

C)
$\begin{array} { l l l } \text { Dr Cash at bank } & \$ 60000 & \\\text { Cr Air craft } & & \$ 50000 \\\text { Cr Gain on sale income } & & \$ 10000 \\\text { Dr Air craft under lease } & \$ 60000 & \\\text { Cr Lease liability } & & \$ 60000\end{array}$

D) No entry is required as Tomfoolery will still own the asset in an economic sense