Recording the sale of PPE Assets Gaver Company sold machinery that had originally cost $77,000 for $27.000 in cash. The machinery was three years old and had been deprecated using the double-declining balance method assuminga five year useful life and a residual value of $7,000 Required . Prepare a journal entry to record this sale Hound numbers to the nearest dollar Det 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 Transaction Cash Asset . Noncash Assets. Contra Assets - Liabilities So machinery for cash 5 Contrib. Capital Earned Capital Revenue Expenses - Net Income 0-5 Check