App Inc. purchased a truck for use in its business on June 30, 2017 for $50,000. The company added accessories to the truck that cost $10,000 to better suit it for use in App's business. The truck had a $5,000 salvage value and a 5 year useful life. App uses the straight line method of depreciation. App sells the truck on January 1, 2021 for $10,000. The correct amount of depreciation for the prior four years has been properly recorded. What is the journal entry to record the sale of the truck? Select one: O a. Dr. Cash $10,000. Cr. Equipment $10,000 O b. Dr. Cash $10,000. Dr. Accumulated Depreciation-Equipment $38,500. Cr. Loss on Sale of Plant Assets $48,500 Dr. Cash $10,000. Dr. Accumulated Depreciation-Equipment $31,500. Dr. Loss on Sale of Plant Assets $8,500. Cr. Equipment $50,000 O d. Dr. Cash $10,000. Dr. Accumulated Depreciation-Equipment $38,500. Dr. Loss on Sale of Plant Assets $11,500. Cr. Equipment $60,000. Boone purchased equipment for use in its business on January 1, 2020. The cost of the equipment is $30,000. Boone paid $500 shipping charges and $5,000 for the equipment to be installed. The equipment's useful life is 10 years and management estimates the equipment's salvage value to be $10,000. What is the journal entry to record the depreciation for the entire year 2020? Select one: O a. Dr. Depreciation Expense $2,550. Cr. Accumulated Depreciation-Equipment $2,550 O b. Dr. Depreciation Expense $3,550. Cr. Accumulated Depreciation-Equipment $3,550 c. Dr. Equipment $2,500. Cr. Cash $2,500 O d. Dr. Accumulated Depreciation-Equipment $2,000. Cr. Depreciation Expense $2,000