A Company Purchased Ten Delivery Vehicles at a Cost of $20,000

A company purchased ten delivery vehicles at a cost of $20,000 each and used the group depreciation method. Which of the following entries would be correct when recording the subsequent sale of a vehicle for $8,500 (group accumulated depreciation is $88,000) ?

A) Cash 8,500 Accumulated Depreciation $\quad$$\quad$ 8,800
Vehicles $\quad$$\quad$$\quad$$\quad$ 17,300

B) Cash 8,500 Accumulated Depreciation $\quad$$\quad$ 11,500
Vehicles $\quad$$\quad$$\quad$$\quad$ 20,000

C) Cash $\quad$$\quad$$\quad$ 8,500
Vehicles $\quad$$\quad$$\quad$ 8,500

D) Cash $\quad$$\quad$$\quad$ 8,500
Accumulated Depreciation $\quad$$\quad$ 8,800
Loss on Sale $\quad$$\quad$ 2,700
Vehicles $\quad$$\quad$$\quad$$\quad$ 20,000