A truck cost $60,000 when purchased and has a $55,000 balance in the accumulated depreciation account. If the truck is discarded we will record:

Group of answer choices:

credit to loss on disposal, $60,000

credit to accumulated depreciation, $60,000; and credit to loss on disposal, $5,000

debit to truck, $60,000

debit to accumulated depreciation, $55,000; and debit to loss on disposal, $5,000