ABC Ltd. purchased a machine for $50,000 in 30 June 2014. Assume that ABC Ltd. applies the straight-line depreciation method with annual depreciation expense of $12,000. This machine was sold on 30 June 2016 for $30,000 cash. ABC Ltd. should record which of the following journal entries to record the sale of this machine? Select one O a. Dr Cash $30,000 $24,000 $4,000 Dr Accumulated Depreciation Dr Loss on Sale Cr Machine (cost) $50,000 O b. Dr Cash $30,000 Dr Accumulated Depreciation $12,000 Dr Loss on Sale $8,000 Cr Machine (cost) $50,000 O c. Dr Cash $30,000 $24,000 $4,000 Dr Accumulated Depreciation Cr Gain on Sale Cr Machine (cost) $50,000 O d. Dr Cash $30,000 Dr Accumulated Depreciation $12,000 Dr Gain on Sale $8,000 Cr Machine (cost) $50,000