Marks Consulting purchased equipment costing $45,000 on January 1, Year 1. The equipment is estimated to have a salvage value of $5,000 and an estimated useful life of 8 years. Straight-line depreciation is used. If the equipment is sold on July 1, Year 5 for $20,000, the journal entry to record the sale will include a Multiple Choice Credit to cash for $20,000. Debit to accumulated depreciation for $22,500. Debit to loss on sale for $10,000. Credit to loss on sale for $10,000. o Debit to gain on sale for $2,500