Question 32 2 pts Patch Company sold some office furniture for $4,800 cash. The furniture cost $31.500 and had accumulated depreciation through the date of sale totaling $29,300. The journal entry to record the sale of the furniture will include a: credit to Loss on Sale of Furniture for $26,700. debit to Loss on Sale of Furniture for $26.700. credit to Gain on Sale of Furniture for $2,600. debit to Gain on Sale of Furniture for $2,600. Question 24 2 pts A machine is purchased for $70,000. The transportation costs were $4,000, installation costs were $1,000 and taxes on the purchase price were $700. The cost basis of the machine is: $74,000 None of the above $70,000 $75,700 D Question 25 2 pts Treating a capital expenditure as an immediate expense: overstates assets and overstates owners' equity. understates expenses and understates assets. overstates experses and understates net income. o understates expenses and overstates owners' equity