Answer:
Under composite method, the accumulated depreciation account is debited or credited for the difference between the cost of the asset and the cash received from the retirement of the asset.
The journal entry to record the transaction is as below
Date  Account and Explanation           Debit      Credit
     Cash                           $24,000
     Accumulated depreciation - Plant    $56,000
          Plant assets                           $80,000
     (To record sale of plant assets)
