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Reinbold Manufacturing has an old factory machine that cost $50,000. The machine has accumulated a depreciation of $28,000. Reinbold has decided to sell the machine.

Reinbold Manufacturing has an old factory machine that cost $50,000. The machine has accumulated a depreciation of $28,000. Reinbold has decided to sell the machine.

(a) What entry would Reinbold make to record the sale of the machine for $25,000 cash?

(b) What entry would Reinbold make to record the sale of the machine for $15,000 cash?

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