Loma Linda, Inc. sells a long-lived asset that originally cost $212,000 for $62,000 on December 31, 2018. The Accumulated Depreciation account had a balance of $116,000 after the current year's depreciation of $46,200 had been recorded. The company should recognize a: Multiple Choice 0 $20,200 loss on sale. $34.000 loss on sale. $97.600 loss on sale $34,000 gain on sale Emerald Co. owned equipment with a book value of $125,000 that was sold during this accounting period for $31,400 in cash. and purchased new equipment for cash of $148,450. Emerald Co. would record a debit of: Multiple Choice $31.400 and a credit of $148,450 to the cash account for a net cash outflow of $117,050. $148,450 and a credit of $31.400 to the cash account for a net cash inflow of $117.050. 0 $93,600 and a credit of $148,450 to the cash account for a net cash outflow of $54,850 0 0 $148,450 and a credit of $93,600 to the cash account for a net cash inflow of $54,850