Sale of Plant Asset

Lone Pine Company has a machine that originally cost $60,000. 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, Lone Pine sells the machine. Prepare the journal entry to record the machines sale for (Round to the nearest dollar):

a.	$39,000	cash
b.	$38,000	cash
c.	$28,000	cash