Sale of Plant Asset Raine Company has a machine that originally cost $70,000. Depreciation has been recorded for five years using the straight-line method, with a $7,000 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 machine's sale for (Round to the nearest dollar): Please answer all parts of the