On January 1, 2019, a company purchased a machine for $52,000. The company expects to use the machine for the next 6 years. The estimated sales price of the machine at the end of 6 years is $4,000. What is the journal entry to record the sale of the machine at the end of 2020 for $36,500 if the company uses straight-line amortization? 36,500 Cash Accumulated amortization, machine Loss on sale of machine Machine 8,000 23,500 52,000 36,500 Cash Accumulated amortization, machine Gain on sale of machine Machine Cash 16,000 500 52,000 36,500 500 Gain on sale of machine Machine Cash 36,000 Loss on sale of machine Machine 23,500 52,000 36,500 Cash Accumulated amortization, machine Gain on sale of machine Machine 16,000 500 52,000 Cash 36,500 500 Gain on sale of machine Machine 36,000 O 36,500 Cash Accumulated amortization, machine Loss on sale of machine Machine 8,000 7,500 52,000