Sale of Plant Asset

Raine Company has a machine that originally cost $$84,000.$ Depreciation has been recorded for five years using the straight$-$line method, with a $$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 machine$$s sale for $($Round to the nearest dollar$)$:

a$.$ $$56,000$ cash

b$.$ $$44,000$ cash

c$.$ $$38,000$ cash

General Journal

Date Description Debit Credit

a$.$ Answer

Answer

$0$

Answer

$0$

Accumulated Depreciation $-$ Equipment Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Gain on Sale of Plant Assets Answer

$0$

Answer

$0$

To record sale of machine.

b$.$ Cash Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

To record sale of machine.

c$.$ Cash Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Accumulated Depreciation $-$ Equipment Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

To record sale of machine.