On January 1 of 2022, ABAC Farms bought a machine costing $22,000 with a four- year estimated life and an estimated salvage value of $2,000. Depreciation method is double-declining balance. On July 1 of 2023 (year 2). ABAC sold the machine for $3,500. What is the entry to reflect this sale? Debit cash $3.500 Debit accumulated depreciation $12,500 Debit loss on sale of machine $6,000 Debit cash $3.500 Debit accumulated depreciation $16,500 Debit loss on sale of machine $2,000 Credit machine $22,000