5. The bankruptcy trustee for Insolvent Company sold assets having a carrying amount of $10,000 for $8,500
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5. The bankruptcy trustee for Insolvent Company sold assets having a carrying amount of $10,000 for $8,500 cash. The journal entry (explanation omitted) to record the sale is:
a. Cash 8,500 Loss on Realization of Assets 1,500 Assets 10,000
b. Cash 8,500 Estate Administration Expenses 1,500 Assets 10,000
c. Cash 8,500 Cost of Goods Sold 10,000 Sales 8,500 Assets 10,000
d. Cash 8,500 Estate Deficit 1,500 Assets 10,000
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