Equipment Costing $40,000 with a Book Value of $16,000 Is

Equipment costing $40,000 with a book value of $16,000 is sold for $23,000.Which journal entry is used to record the sale?

A) debit Cash for $23,000 and credit Equipment for $23,000
B) debit Cash for $16,000,debit Accumulated Depreciation - Equipment for $24,000 and credit Equipment for $40,000
C) debit Cash for $23,000,debit Accumulated Depreciation - Equipment for $24,000,credit Equipment for $40,000 and credit Gain on Sale of Equipment for $7,000
D) debit Cash for $16,000,debit Loss on Sale of Equipment for $7,000 and credit Equipment for $23,000