TTC Corporation purchased equipment on January 1 at a cost of $75,000. When purchased, the equigment years and a residual value of $15,000. Assuming TTC utilized the straight-line method of depreciation correct journal entry to record the sale of the equipment at the end of Year 2 for $50,000?
O a.
Cash
50,000
Loss on sale of equipment
55,000
Accumulated depreciation - equipment
Equipment
30,000
75,000
O b.
Cash
Accumulated depreciation - equipment
Gain on sale of equipment
Equipment
50,000
24,000
1,000
О с.
Cash
Accumulated depreciation - equipment
50,000
30,000
Gain on sale of equipment
5,000