How would you record the retirement of an asset with a net book value of \$3,000 and no proceeds received?

• A. Debit Accumulated Depreciation \(X; Credit Equipment \)Y; Debit Loss on Disposal \$3,000
• B. Debit Cash \$3,000; Credit Equipment \$3,000
• C. Debit Equipment \(X; Credit Accumulated Depreciation \)Y; Credit Loss on Disposal \$3,000
• D. Debit Equipment \$3,000; Credit Accumulated Depreciation \$3,000

Answer: (A)