The following information relates to Equipment XYZ Company purchased on January 1, 2018: Total Cost $180,000.00 Estimated Residual Value.. $0.00 Estimated Life 8 years Depreciation Method. ..Straight Line On December 31, 2020, XYZ Company sold the equipment for $120,500.00 cash. Prior to selling the equipment, on December 31, 2020, XYZ Company made the required General Journal adjusting entry to record depreciation for the year of 2020. What is the required General Journal entry to record the sale of the equipment? Debit Credit A. Cash 120,500 Accumulated Depreciation 45,000 14,500 Loss on Disposal of Fixed Assets Equipment 180,000 B. Cash 120,500 Accumulated Depreciation 67.500 Equipment 180.000 Gain on Disposal of Fixed Assets 8,000 C. Cash 120,500 14,500 Loss on Disposal of Fixed Assets Equipment 135.000 120,500 D. Cash 112,500 Equipment 8,000 Gain on Disposal of Fixed Assets Wiley Company purchased new equipment for $60,000. Wiley paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $1,000; sales tax paid $3,000; installation costs of $2,500; and $240 for the first 12 months of insurance related to the equipment For what amount will Wiley record as a debit to the Equipment account on the Balance Sheet? $60,000 O $63.000 O $66,500 O $66,740 None of the answers are correct