Question 3 Not complete Marked out of 6.00 P Flag question Recording the sale of PPE Assets Gaver Company sold machinery that had originally cost $75,000 for $25,000 in cash. The machinery was three years old and had been depreciated using the double-declining-balance method assuming a five-year useful life and a residual value of $5,000. Required a. Prepare a journal entry to record this sale. Round numbers to the nearest dollar. Description Debit Credit Cash Machinery b. Using the financial statement effects template, show how the sale of the machinery affects the balance sheet and income statement. Round numbers to the nearest dollar. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Noncash Contra Contrib. Earned Transaction Cash Asset + Asset Assets = Liabilities + Capital + Capital Revenues Expenses - Net Income Sold machinery for cash $ + S + $ 9 = $ Check