Company XYZ has Equipment with an original cost of $$150,000$ and accumulated depreciation of $$90,000.$ The company sells the equipment for $$40,000$ cash. Which of the following is the correct journal entry to record the sale?

A$)$ Debit Cash $$40,000$; Debit Accumulated Depreciation $$90,000$; Credit Equipment $$130,000$

B$)$ Debit Cash $$40,000$; Debit Loss on Sale of Equipment $$20,000$; Credit Equipment $$150,000$; Credit Accumulated Depreciation $$90,000$

C$)$ Debit Cash $$40,000$; Debit Loss on Sale of Equipment $$20,000$; Credit Equipment $$60,000$

D$)$ Debit Cash $$40,000$; Credit Equipment $$60,000$; Credit Gain on Sale of Equipment $$20,000$

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