Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight- line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare thejournal entry to record the equipment's sale for {Round to the nearest dollar}: a. $30,000 cash b. $23,250 cash c. $21,000 cash Generaljnurnal Date Description Debit Credit .3. Cash 30,000 V 0 v' Accumulated Depreciation - Equipment 3 I 44,250 I 0 J Equipment 0 I 68,000 J Gain on Sale ofPlantAssets 3 v 0 at 4,000 It To record sale of equipment. b. Cash 23,?50 V 0 v' Accumulated Depreciation - Equipment 3 I 44,250 I 0 J Equipment 3 I 0 68,000 J To record sale of equipment. c. Cash 21,000 v 0 v Loss on Sale of Plant Assets 3 at 13,000 It 0 v Accumulated Depreciation - Equipment 34,000 x 0 J Equipment 3 I 0 I 68,000 J To record sale of equipment