QUESTION 14 An asset acquired January 1, 2018, for $15,000 with an estimated 10-year life and no residual value is being depreciated in an equipment group asset account that has an average service life of eight years. The asset is sold on December 31, 2019, for $6,000. The entry to record the sale would be: Cash Accumulated depreciation Loss on sale of equipment Equipment Cash 6,000 3,750 5,250 15,000 6,000 6,000 Equipment Cash 6,000 Accumulated depreciation 9,000 Equipment 15,000 Cash 6,000 Loss on sale of equipment 9,000 Equipment 15,000