1.

Infinity Corporation purchased equipment with a 10-year useful life and zero residual value for $10,000. At the end of the fifth year, the equipment is sold for $6,000. The entry to record this sale will include _______. Assume the straight-line depreciation method is used.

Select all that apply and click Submit

a credit to Loss for $1,000

a credit to Gain for $6,000

a debit to Equipment for $6,000

a credit to Equipment for $10,000

a debit to Cash for $6,000

a debit to Accumulated Depreciation for $5,000

a credit to Gain for $1,000