1. Ecker Company records depreciation at the end of its fiscal year, which is December 31. On April 30, 2018, Ecker sold a machine for $275,000 cash. This machine had a historical cost of $528,000 and accumulated depreciation of $242,000. Its annual straight-line depreciation was $48,000. The journal entry to record the sale on April 30, 2018 would include:

   		Credit: Machine for $270,000
   		Credit: Cash for $275,000
   		Debit: Loss on Sale of $5,000
   		Credit: Gain on Sale of $5,000