a company purchases equipment on 1/1/15 for $40,000, to be used for a total of 72,000 baking hours, with a $4,000 residual value. Cainas uses a units of production depreciation method. She bakes for 5,000 hours in 2015 and 9,000 hours in 2016. On 1/1/17 she sells the equipment for $30,000. Which of the following is true?

To record the entry, she will need to credit the equipment account for $33,000 To record the entry, she will need to credit accumulated depreciation for $7,000. She sold the equipment at a gain of $8,000 She sold the equipment at a loss of $3,000