Use the information above to answer the following question.Assume the company decides to sell the computer system on July 1,2017 for $1,000,000.Which of the following statements about the journal entry (or entries)required on July 1 is not correct?
A) The depreciation expense must be recorded for 6 months, January 1 to July 1.
B) The Equipment asset account must be credited for $1,600,000 to record the sale.
C) Accumulated Depreciation is debited for $612,500 in the entry to record the sale.
D) The loss on the sale is $12,500.

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The Answer of Use the information above to answer the following question.Assume the company decides to sell the computer system on July 1,2017 for $1,000,000.Which of the following statements about the journal entry (or entries)required on July 1 is not correct?
A) The depreciation expense must be recorded for 6 months, January 1 to July 1.
B) The Equipment asset account must be credited for $1,600,000 to record the sale.
C) Accumulated Depreciation is debited for $612,500 in the entry to record the sale.
D) The loss on the sale is $12,500.

Use the Information Above to Answer the Following Question