This was an example given to me of how to prepare journal entries for a gain on the sale of equipment, but I don't understand why it's being credited instead of debited. Wouldn't that be a debit since we are receiving extra cash? Can someone explain this to me? Thanks!

The entry to record the sale on December 31, 2023, for $140,000: Cash Accumulated depreciation (account balance) Equipment (account balance) Gain on sale of equipment (selling price - book value) 140,000 126,000 250,000 16,000