Below is information about equipment that Lorien Limited purchased for $64,700 cash in 2021. Purchase date Ready for use date Estimated useful life Residual value April 1, 2021 May 1, 2021 6 years $7,100 Question 45 (3 points) Assume the same information as above but, instead of keeping the equipment for 6 years, you sell the equipment on July 31, 2024, for $44,000 cash. Which of the following statements is true about the entry to record the sale of the equipment? You may want to set up a chart like this for your rough work: Assume the same information as above but, instead of keeping the equipment for 6 years, you sell the equipment on July 31, 2024, for $44,000 cash. Which of the following statements is true about the entry to record the sale of the equipment? You may want to set up a chart like this for your rough work: Year ended Depreciation Accumulated expense depreciation eBook value