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What the journal entry to record for jahi jones company

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Problem 1: Jahi Jones Company sold some office equipment for $50,000 on October 31, 2018. The original cost of the equipment was $80,000 with a residual value of $8,000 and a useful life of 10 years? Assume the machine was purchased on January 1, 2015 and depreciated using the straight-line method. The journal entry to record the

Option 1: Gain of $2,400
Option 2: Loss of $2,400
Option 3: Gain of $5,600
Option 4: Loss of $3,000

Reference no: EM132954239

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