What entry should Sage Hill inc. make to record the sale of equipment and receipt of the note?
a) Debit Notes Receivable $4,400; credit Accumulated Depreciation $10,000; credit Equipment $13,200; credit Gain on Sale of Equipment $2,200
b) Debit Notes Receivable $4,400; credit Accumulated Depreciation $10,000; credit Equipment $13,200; credit Gain on Sale of Equipment $2,200
c) Debit Notes Receivable $4,400; credit Accumulated Depreciation $10,000; credit Equipment $13,200; credit Gain on Sale of Equipment $4,400
d) Debit Notes Receivable $4,400; credit Accumulated Depreciation $10,000; credit Equipment $2,200; credit Gain on Sale of Equipment $2,200