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): a $42,000 cash b. $35,000 cash $28,000 cash Date a General Journal Description 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 Accumulated Depreciation - Equipment Cash Equipment