which-of-the-following-entries-correctly-reflects-the-retirement-of-an-asset-wit

Question

Which of the following entries correctly reflects the retirement of an asset with a salvage value of $4,000 and no proceeds?

Accepted Answer

Debit Accumulated Depreciation; Credit Equipment; Debit Loss on Disposal $4,000

Answer

Debit Equipment; Credit Accumulated Depreciation; Credit Loss on Disposal $4,000

Answer

Debit Equipment $$4,000; Credit Accumulated Depreciation 4$$,000

Answer

Debit Cash $$4,000; Credit Equipment 4$$,000

Which of the following entries correctly reflects the retirement of an asset with a salvage value of \$4,000 and no proceeds?