Emerald Co. owned equipment with a book value of $129,500 that was sold during this accounting period for $32,300 in cash, and purchased new equipment for cash of $148,900. Emerald Co. would record a debit of: Multiple Choice $97,200 and a credit of $148,900 to the cash account for a net cash outflow of $51,700. $32,300 and a credit of $148,900 to the cash account for a net cash outflow of $116,600 $148,900 and a credit of $97,200 to the cash account for a net cash inflow of $51,700. $148,900 and a credit of $32,300 to the cash account for a net cash inflow of $116,600