Maccas Machines sells a machine for $88,000 cash. The machine originally cost $100,000 and its carrying amount is $64,000. GST is payable on the sale. What are the correct journal entries? Group of answer choices

Debit cash $80,000; Debit Accumulated depreciation of Machine $36,000; Debit GST $16,000; Credit Machine $100,000; Credit Gain on sale $8,000

Debit cash $88,000; Debit Machine $25,000; Credit Accumulated depreciation of Machine $10,000; Credit GST $8,000; Credit Gain on sale $16,000

Debit cash $88,000; Debit Accumulated depreciation of Machine $64,000; Credit Machine $100,000; Credit GST $8,000; Credit Gain on sale $36,000

Debit cash $88,000; Debit Accumulated depreciation of Machine $36,000; Credit Machine $100,000; Credit GST $8,000; Credit Gain on sale $16,000