A company purchased a weaving machine for $198,250. The machine has a useful life of 8 years and a residual value of $10,500. It is estimated that the machine could produce 751,000 bolts of woven fabric over its useful life. In the first year, 105,500 bolts were produced. In the second year, production increased to 109,500 units. Using the units-of-production method, what is the amount of depreciation expense that should be recorded for the second year? $28,906. $53,750. 10 0 0 0 0 $27,850. $27,375. An asset's book value is $19,800 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,800 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,800, the company should record: Multiple Choice C) A loss on sale of $3,000. 0 A loss on sale of $4,200. 0 Again on sale of $4,200. O Again on sale of $3,000. 0 Neither a gain nor a loss is recognized on this type of transaction