In 2022, Blanchard Corporation has plant equipment that originally cost $120,000 and has accumulated depreciation of $48,000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Blanchard use to record the retirement of the equipment?DR Accumulated Depreciation – Equipment 48,000; DR Loss on Disposal of Plant Assets 72,000; CR Equipment 120,000
DR Plant Equipment 120,000; CR Accumulated Depreciation – Equipment 48,000; CR Loss on Disposal of Plant Assets 72,000
DR Loss on Disposal of Plant Assets 72,000; CR Equipment 72,000
DR Loss on Disposal of Plant Assets 72,000; CR Accumulated Depreciation – Equipment 72,000