2 f On January 1, 2004, Lee Corp. sold a piece of equipment for $3,000 which it had used for several years. The equipment had cost $13,000, and its accumulated depreciation amounted to $9,000 at the time of the sale. What are the net effects on the accounting equation of selling the equipment? Select one O a. Assets and owners' equity decreases by $3,000. O b. Assets and owners' equity decrease $1,000 Oc. Assets decrease and owners' equity increases $3,000. Od. Assets and owners' equity increase $1,000.