Korniakov Enterprises purchased machinery on September 1, Year 1. Koriakov uses a calendar year and the straight line method of depreciation. The cost of the machine was $90,000 and it had an estimated salvage value of $9,000 at the end of its useful 9 year life. At December 31, Year 6, Korniakov sold the machine for $45,000 cash. (READ YEAR 6!) 1. At the time of sale, up to date accumulated depreciation was $54,000 2. This sale will generate a $9,000 gain on the sale of machinery 3. The book value of the machine at December 31, YEAR 3 (be careful here, this says YEAR 3! was $69,000 4. The journal entry to sell this machine will include a credit to Cash for $45,000