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Raine Company has a machine that originally cost $55,000. Depreciation has been recorded for four years using the straight-line method. with a $5,000 estimated salvage
Raine Company has a machine that originally cost $55,000. Depreciation has been recorded for four years using the straight-line method. with a $5,000 estimated salvage value at the end of an expected ten-year life. After recording depreciation at the end of four years, Raine sells the machine. Prepare the journal entry to record the machine's sale for:
(a) $37,000 cash
(b) $36,800 cash
(c ) $28,000 cash
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