App Inc. purchased a truck for use in its business on June 30, 2019 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 has a $5,000 salvage value and a 5 year useful life. App uses the straight line method of depreciation, what is the correct entry on App's books to record depreciation for the year 2020? Select one: O a. Dr. Depreciation Expense $5,500. Cr. Accumulated Depreciation-Equipment $5,500 O b. Dr. Depreciation Expense $4,500. Cr. Accumulated Depreciation-Equipment $4,500 O c. Dr. Depreciation Expense $11,000. Cr. Accumulated Depreciation-Equipment $11,000 Od. Dr. Depreciation Expense $9,000. Cr. Accumulated Depreciation-Equipment $9,000 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 O c. 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.