Terps Company purchased equipment costing $47,000 on April 1, 2017. 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 August 1, 2021 for $20,000, the journal entry to record the sale will include a:

A) A debit to loss on sale for $4,250. B) A credit to gain on sale for $1,000. C) A debit to loss on sale for $5,125. D) A debit to loss on sale for $9,500.