8.

Portland Company sold equipment with a book value of $600 for $850 cash. Total depreciation expense for the entire company for the year was $500. The beginning and ending balances in the Accumulated Depreciation account are $1,000 and $700, respectively. The beginning and ending balances in the Equipment account are $3,500 and $3,700 respectively. In the journal entry to record the sale of the equipment for $850 cash, which ONE of the following items would appear? Note: No other equipment was sold during the year.

Credit to Equipment for $1,400

Debit to Accumulated Depreciation for $500

Debit to accumulated Depreciation for $300

Debit to Loss on Sale of Equipment for $250

Debit to Equipment for $200

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please explain!