W to accomm: Financial Reporting 1:: by Lo'us 81' HI. 2?) ABC Limited acquired an item of plant on 1 Jul}.r 2012 for $80 000. The estimated useful life of the plant at acquisition date was 5 years and the residual value $5 000'. The company sold the plant on 1 January 2016 for $30 000. The journal entryr to reect the sale is: a ) DR Cash $30 000 DR Accumulated depreciation $56 000 CR Plant $80 000 CR Gain on sale $ 6 000 1?) DR Cash $30 000 CR Proceeds on sale $30 000 DR Carqring amount of plant $2? 500 CR Plant $2? 500 C) DR Cash $30 000 DR Loss on sale $ 2 500 CR Plant $32 500 1rd) DR Cash $30 000 DR Accumulated depreciation $52 500 CR Plant $80 000 CR Gain on sale $ 2 500 Amer: a? Learning Objective F: Account for dear-ecagnirion