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What journal entry would the company make on the day

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Problem 1: On December 31, 2018, ABC company sold its equipment for cash for $10,000. ABC company had acquired this equipment for $20,000 on January 1, 2016 after paying cash. It estimated a useful life of 4 years and a salvage value of $4,000 to arrive at the depreciation expense for each year. What journal entry would the company make on the day that the disposal equipment is complete?

A. Debit A/D 12,000; Credit Cash 10,000; Credit Gain on sale: 10,000; Credit Equip: 20,000
B. Debit A/D 12,000; Debit Cash 10,000; Credit Gain on sale: 2,000; Credit Equip: 20,000
C. Debit A/D 4,000; Credit Cash 10,000; Debit Loss on sale: 10,000; Credit Equip: 20,000
D. Debit A/D 12,000; Credit Cash 10,000; Credit Gain on sale: 10,000; Debit Equip: 20,000

Reference no: EM132815462

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