Kolonas,Inc. ,sold equipment for $5,400 cash.The equipment cost $73,900 and had accumulated depreciation through the date of sale of $70,000.At the date of sale,the journal entry to record the sale will have:
A) a Gain on Sale of Equipment for $3,900.
B) a Loss on Sale of Equipment for $3,900.
C) a Loss on Sale of Equipment for $1,500.
D) a Gain on Sale of Equipment for $1,500.
Correct Answer:
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