Accounting for Depreciation Expense On January 1, 20X1, Brook Company purchased and placed in service a machine with a cost of $240,000. The company estimated the machine's useful life to be four years with an estimated salvage value of $40,000. You determined the amount of annual depreciation expense in the previous question. For the year ending 20X4, what is the balance in the Accumulated Depreciation account? [ Slectionner] For the year ending 20X4, what is the book value of the machine [ Slectionner ) Straight-line Depreciation Schedule Annual Period Annual Depreciation Expense End of Period Accumulated Depreciation End of Period Book Value (Beginning Value=$240,000) (accumulatedep) (bookvalue) 20X1 20X2 20X3 20X4 ? ? Question 15 1 points Refer to your answer to the previous question, when you specified the 20X4 balances in the Accumulated Depreciation account and the Book Value of the machine. The machine is sold on January 3, 20X5 for $30,000 cash. Determine if the sale is for a loss or a gain and the dollar amount. O loss for $5,000 gain for $5,000 O loss for $10,000 O gain for $10,000 loss for $15,000 O gain for $15,000 Question 16 3 points Refer to your answer to the previous two questions, when you a) specified the 20X4 balances in the Accumulated Depreciation account and the Book Value of the machine and b) you determined if the sale is for a loss or a gain and the dollar amount. For your January 3, 20X5 journal entry, put a check next to each account that will be debited. O Cash Machinery Depreciation Expense Accumulated Depreciation - Machinery Gain on sale of machinery Loss on sale of machinery