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Porter Corp. sold some fully depreciated equipment for $3,000 cash. The equipment had been purchased...

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Accounting

Porter Corp. sold some fully depreciated equipment for $3,000 cash. The equipment had been purchased for $151,500 and Porter Corp. had estimated the useful life at 8 years and residual value at $3,500. The journal entry to record the sale of the equipment will include a: Select one: a. debit to Loss on Sale of Equipment for $3,500 b. debit to Accumulated Depreciation for $148,000 c. credit to Equipment for $3,500 d. credit to Gain on Sale of $500

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