Boone purchased equipment for use it its business on January 1, 2016. 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. Boone sold the equipment on January 1, 2019 for $40,000. Depreciation for the prior three years has been properly recorded. What is the journal entry to record the sale of the equipment? Select one: O a. Dr. Cash $40,000. Cr. Equipment $40,000 O b. Dr. Cash $40,000. Dr. Accumulated Depreciation-Equipment $7,650. Cr. Equipment $47,650 c. Dr. Cash $40,000. Dr. Accumulated Depreciation-Equipment $7,650. Cr. Equipment $35,500. Cr. Gain on Disposal of Plant Assets $12,150 O d. Dr. Cash $40,000. Dr. Accumulated Depreciation-Equipment $6,000 Cr. Equipment $30,000. Cr. Gain on Disposal of Plant Assets $16,000 Bronco Inc. purchases 4 acres of land for $200,000. Other costs related to the land are: attorney's fees related to the purchase $2,000; $5,000 realtors commission; $1,000 property taxes for the upcoming year and $500 insurance for the next 12 months. What is the cost of the land? Select one: O a. $207,000 O b. $205,000 c. $208,500 O d. $200,000