In 2014, the Harwell Company sold land for $105,000 cash, representing a $5,000 gain. No journal entry was recorded in 2014 or 2015. The error was discovered on 1/10/16; the 2015 books are still open. The correcting journal entry will have what effect on 2015 Net Income?

Select one:

a. $5,000 debit

b. $5,000 credit

c. $10,000 debit

d. $10,000 credit

e. No effect