In 2017, Blanchard Corporation has plant equipment that originally cost $120,000 and has accumulated depreciation of $48,000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Blanchard use to record the retirement of the equipment?

DR Accumulated Depreciation Equipment 48,000; DR Loss on Disposal of Plant Assets 72,000; CR Equipment 120,000

DR Plant Equipment 120,000; CR Accumulated Depreciation Equipment 48,000; CR Loss on Disposal of Plant Assets 72,000

DR Loss on Disposal of Plant Assets 72,000; CR Equipment 72,000

DR Loss on Disposal of Plant Assets 72,000; CR Accumulated Depreciation Equipment 72,000