Sale of Plant Asset Raine Company has a machine that originally cost $58,000. 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, Raine sells the machine. Prepare the journal entry to record the machine's sale for (Round to the nearest dollar): a. $37,000 cash b. $36,800 cash c. $28,000 cash General Journal Description Date Debit Credit Accumulated Depreciation - Equipment Gain on Sale of Plant Assets To record sale of machine. Cash b. To record sale of machine. Cash Accumulated Depreciation - Equipment To record sale of machine