Eagle, Inc. and Archer Co. are related companies subject to consolidation. During the year, Archer Co. sold office equipment to Eagle, Inc. for $40,000 on a note receivable / payable that had an original purchase price of $60,000 and accumulated depreciation at the time of sale of $10,000. The portion of the elimination entry at the time of consolidation to reverse out the gain or loss booked on this transaction would be:

Question 15 options:

a)	Debit Gain on Sale $40,000

b)	Credit Loss on Sale $40,000

c)	Debit Gain on Sale $10,000

d)	Credit Loss on Sale $10,000