Chow Company sold a car for $18,100. The cost of the car was $37,500 and an accumulated depreciation of $20,400 had been recorded on the same. The entry to record the disposal of the car is:
A) Accumulated Depreciation-Automobile 20,400 Cash 18,100Automobile 37,500Gain on Sale of Automobile 1,000
B) Accumulated Depreciation-Automobile 37,500 Automobile 37,500
C) Accumulated Depreciation-Automobile 20,400 Automobile 20,400
D) Automobile 37,500 Cash 37,500
A
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