Question 7 5 pts Equipment costing $60,000 with a book value of $16,000 is sold for $21,000. Which journal entry is used to record the sale? debit Cash for $21,000, debit Accumulated Depreciation - Equipment for $44.000, credit Equipment for $60.000 and credit Gain on Sale of Equipment for $5000 debit Cash for $16,000, debit Accumulated Depreciation - Equipment for $44.0000 and credit Equipment for $60,000 O debit Cash for $21,000 and credit Equipment for $21,000 O debit Cash for $16,000, debit Loss on Sale of Equipment for $5000 and credit Equipment for $21.000 O None of the above