Assets Liabilities Shareholders' Equity

Record the effect of each of the following sales of long-term assets on the accounting equation: Asset s A $75,000 truck was depreciated using straight-line and assuming a 5-year life and $0 salvage $ value. After 2 years, it was sold for $40,000 cash. Be sure to answer each; if no effect, select "O No Effect". Liabili Shareholders' ties Equity v Assets v Liabilities v Shareholders' Equity F. A. Debit Gain (Loss) on Sale of Equipment 50,000 B. Debit Gain (Loss) on Sale of Equipment 5,000; Credit Depreciation Expense 30,000 C. Debit Gain (Loss) on Sale of Equipment 10,000 D. 0 No effect E. Debit Cash 40,000; Debit Accumulated Depreciation 30,000; Credit Equipment 75,000 Debit Gain (Loss) on Sale of Equipment 5,000 G. Debit Cash 40,000; Credit Equipment 40,000 H. Credit Gain (Loss) on Sale of Equipment 5,000 Credit Gain (Loss) on Sale of Equipment 35,000