Sale of Plant Asset Lone Pine Company has a thine 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 machine's sale for (Round to the nearest dollar 599,000 cash h 18.000 h 528,000 cash a. Debit 39,000 22,000 Credit 0 0 0 60,000 1,000 0 General Journal Date Description Cash Accumulated Depreciation Equipment Equipment Gain on Sale of Plant Assets To record sale of machine. b. Cash Accumulated Depreciation - Equipment Equipment To record sale of machine. Cash Loss on Sale of Plant Assets Accumulated Depreciation - Equipment Equipment To record sale of machine. 38,000 22,000 0 0 60,000 c. 0 28,000 22,000 x 10,000 X 0 0 60,000 Check