05:30 PM / Remaining 21 min FULL SCREEN PRINTER VERSION BACK NEXT Question 38 Grasshopper Builders sold a machine on January 1, 2018 for $56,000. The machine was originally purchased on January 1, 2014for $175,000. At that time, the machine was estimated to have a useful life of 8 years and a residual value of $7,000. Assuming the company uses straight line depreciation, and that depreciation has been recorded up to December 31- the company's year-end, what would be the journal entry to record the sale of the machine on January 1, 2018 O Cash Accumulated Depreciation Loss on Sale of Machine Machine O Cash Loss on Sale of Machine Machines 56,000 87,500 31,500 175,000 56,000 119,000 175,000 56,000 119,000 175,000 56,000 84,000 35,000 175,000 Cash Accumulated Depreciation Machine Cash Accumulated Depreciation Loss on Sale of Machine Machine By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor On April 1, 2010, Lansing Corporation opened for business and paid $600 in insurance to cover the next 12 months. The corporation is preparing financial statements for the period ending December 31, 2010: What amount of insurance expense should be recognized for Lansing's first year of operations? $450 $600 $150 $0 By accessing this question Assistance, you will learn while you earn points based on the Point Potential policy set by your instructor