Sale of Plant Asset Raine Company has a machine that originally cost $75,000. Depreciation has been recorded for five years using the straight-line method, with a $12,000 estimated salvage value at the end of an expected nine-year life. After recording depreciation at the end of five years, Raine sells the machine. Prepare the journal entry to record the machines sale for (Round to the nearest dollar) a $50,000 cash $40,000 cash $35,000 cash General Journal Credit Debit 50,000 35,000 Date Cash Accumulated Depreciation - Equipment Equipment 10,000x 75,000 x Gain on Sale of Plant Assets To record sale of machine. 40,000 b. Cash 35.000 Accumudlated Depreciation Equipment Gain on Sale of Plant Assets 75.000 35,000 c Cash Gain on Sale of Plant Assets a x 35,000 23,000