Raine Company has a machine that originally cost $68,000. Depreciation has been recorded for five years using the straight-line method, with a $5,000 estimated salvage value at the end of an expected nine-year life. After recording depreciation at the end of the fifth year, Raine sells the machine. a. Calculate the book value of the machine at the end of five years. $Answer

b. Calculate the gain/loss on the sale of the machine for: i. $37,000 cash. $Answer

ii. $33,000 cash. $Answer

iii. $28,000 cash. $Answer

Enter losses using negative numbers.