Elegant Hair Salon opened during August 2019, and reported the following during the first month of operations: 1. On August 1, the salon owner contributed $5,000 cash and $15,000 of salon chairs in exchange for common stock. Elegant uses the straight line method for depreciation and anticipates that the salon chairs will be used in operations for 6 years and will be worth $2,400 on the used market at the end of the 6 years.Consider for purposes of this question only that on March 1, 2022 Elegant sells 100% of the equipment contributed in transaction #1 for $12,000. Select the entry shown below that correctly shows the entry to record this disposal. Debit Credit Cash 12,000 Accumulated Depreciation 7,175 OA. Equipment 15,000 Gain on equipment disposal 4,175