Knowledge Check 01 Terra Corporation purchased equipment with a 10-year useful life and zero residual value for $100,000. At the end of the seventh year, the equipment is sold for $20,000. The entry to record this sale will include _Assume the straight-line depreciation method is used. (Select all that apply.) i Check All That Apply o a debit to Cash for $20,000 o a credit to Equipment for $30,000 o a credit to Equipment for $100,000 o a debit to Loss for $10,000 o a credit to Gain for $20,000 o a debit to Accumulated Depreciation for $10,000 o a debit to Accumulated Depreciation for $70,000