1. Recording a capital expenditure results in a debit to a(n): a. capital account. b. asset account. C. expense account. d. liability account. 2. On March 5, 2021, Lamb Remodeling sells a piece of its equipment. Lamb Remodeling had initially purchased the equipment for $310,000 in a prior period. The company had recorded $270,000 in depreciation for this piece of equipment as of the date of sale. If Lamb Remodeling receives $30,000 cash when they sell the equipment, they will report a on their 2021 Income Statement; if they instead receive $55,000 cash when they sell the equipment, they will report a a. $40,000 loss; $40,000 loss. b. $10,000 gain; $15,000 loss. C. $10,000 loss; $15,000 gain. d. $30,000 gain; $55,000 gain.