Equipment was purchased at a cost of $59,000. It had an estimated useful life of 7 years and a residual value of $3,000. Assuming the equipment was sold at the end of Year 6 for $16,000, which of the following will be included in the journal entry? (Assume the straight-line depreciation method.) a. Debit to Gain on Sale of Asset for $5,000 b. Debit to Accumulated Depreciation for $48,000 c. Credit to Loss on Sale of Asset for $5,000 d. Credit to Cash for $16,000