Fox Company purchases an equipment on January 1, 2018 for $18,000 with a 3-year useful life and no salvage value. On March 31, 2020 the company exchanges the equipment for a new one paying $12,000 and giving them the old equipment. On the day of exchange, the equipment has a fair value of $13,000. Depreciation expense on March 31, 2020 is: $6,000 $12,000 $13,500 $1,500 None of the above Accumulated Depreciation balance at disposal date is: * $6,000 $12,000 $13,500 $1,500 None of the above disposal date is: O $6,000 $12,000 $13,500 $1,500 None of the above Cost of new Equipment is: $40,000 $25,000 $31,000 $13,000 None of the above On the disposal day the company recorded:* Debit Gain on Disposal $8,500 Debit Loss on Disposal $8,500 Credit Gain on Disposal $8,500 Credit Loss on Disposal $8,500 None of the above