Tomfoolery Ltd enters into a sale-and-leaseback arrangement for an aircraft it owns. The details are as follows:

Carrying amount of asset $50 000

Proceeds from sale of asset $60 000

Annual lease payment amount $8 000

According to AASB standards, Tomfoolery should make which of the following entries to record the sale: a) Dr Cash at bank $60 000 Cr Aircraft $50 000 Cr Deferred gain on sale $10 000 Dr Aircraft under lease $60 000 Cr Lease liability $60 000 b) No entry is required as Tomfoolery will still own the asset in an economic sense c) Dr Cash at bank $60 000 Cr Aircraft $50 000 Cr Gain on sale income $10 000 Dr Aircraft under lease $60 000 Cr Lease liability $60 000 d) Dr Aircraft $60 000 Cr Cash at bank $50 000 Cr Deferred gain on sale $10 000