Company management decided to discard a machine. The machine cost $ 250,000, had accumulated depreciation of $250,000, and was scrapped as junk. The machine was depreciated on a straight-line basis, with a useful life of 7 years, and a $ 25,000 salvage value. What journal entry is required to record the disposal of this machine?

Multiple Choice Cash Accumulated Depreciation - Machine Machine Gain on sale of machine No journal entry is required. Machine Accumulated Depreciation - Machine Accumulated Depreciation - Machine Machine Cash Mach Accumulated Depreciation - Machine Loss on sale of machine $25,000 $250,000 $250,000 $250,000 $ 25,000 $250,000 $250,000 $25,000 $250,000 $ 250,000 $ 250,000 $25,000

Compary manogernent decded to discard a machine the ifuchine cost $250000, had accumulatod dopreciation of $250,000, and was scropped as junk. The machine was