ABO purchased a truck at the beginning of 2018 for $140,000. They sold the truck at the end of 2019 for $95,000. If the company has recognized $40,000 in depreciation prior to selling the truck, which of the following is true regarding the entry to record the sale of the truck? A) Debit Loss $5,000. B) Credit Equipment $100,000. C) Credit Gain $5,000. D) Credit Accumulated Depreciation $40,000.
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