Chapter 7 Practice Problems 1. On September 30, 2014, Mixx Inc. sold a used industrial crane for $800,000 cash. The original cost of the crane was $5,000,000 and its accumulated depreciation equaled $3,800,000 on December 31, 2013; they had been using the straight-line depreciation method. The estimated residual value was zero and its useful life was 25 years. Give the journal entry to recognize the gain or the loss on the sale