Grasshopper Builders sold some equipment on January 1, 2024, for $56,000. The equipment was originally purchased on January 1, 2020, for $175,000. At that time, the equipment was estimated to have a useful life of eight years and a residual value of $7,000. Assuming the company uses straight-line depreciation, and that depreciation has been recorded up to December 31-the company's year end, what journal entry properly records the sale of the equipment on January 1, 2024? Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment 56,000 87,500 31,500 56,000 84,000 35,000 175,000 175,000

Grasshopper Builders sold some equipment on January 1,2024 , for $56,000. The equipment was originally purchased on January 1. 2020 , for $175,000. At that time, the equipment was estimated to have a usefut tife of elghtyears and a residual value of $7,000. Assuming the company uses straight-line depreciation, and that depreciation has been recorded up to December 31 -the company's year end, what journal entry properly records the sale of the equipment on January 1,2024 ? \begin{tabular}{lrl} Cash & 56,000 & \\ Loss on Sale of Equipment & 119,000 & \\ \multicolumn{1}{c}{ Equipment } & & 175,000 \\ & & \\ Cash & 56,000 & \\ Accumulated Depreciation-Equipment & 119,000 & \\ Equipment & & 175,000 \end{tabular}