Gopher Excavation, a calendar-year firm, purchased equipment on January 1st, 2018, for $175,000. The equipment had an estimated life of 10 years and no expected salvage value, and Gopher depreciated it using the straight-line method. On July 1st, 2022, Gopher sold the equipment for $120,000. How should Gopher record the sale on its balance sheet? O Cash Debit of $120,000; Accumulated Depreciation-Equipment = Debit of $70,000; Equipment = Credit of $175,000; Gain on Disposal of Plant Assets = Credit of $15,000 Cash Credit of $120,000; Accumulated Depreciation-Equipment = Credit of $70,000; Equipment = Debit of $175,000; Gain on Disposal of Plant Assets = Debit of $15,000 = Cash Credit of $120,000; Accumulated Depreciation-Equipment = Credit of $78,750; Equipment = Debit of $175,000; Gain on Disposal of Plant Assets = Debit of $23,750 = = Cash Debit of $120,000; Accumulated Depreciation-Equipment = Debit of $78,750; Equipment Credit of $175,000; Gain on Disposal of Plant Assets = Credit of $23,750 =