Smiley Corporation sold equipment costing $70,000 with $66,000 of accumulated depreciation for $11,000 cash. Which of the following journal entries should be prepared? O A. debit Cash for $11,000, credit Equipment for $4,000 and credit Gain on Sale of Equipment for $7,000 OB. debit Cash for $11,000, debit Accumulated Depreciation - Equipment for $65,000, credit Equipment for $70,000 and credit Gain on Sale of Equipment for $7,000 OC. debit Cash for $11,000 and credit Gain on Sale of Equipment for $11,000 D. debit Accumulated Depreciation - Equipment for $66,000 and credit Equipment for $66,000 Click to select your