SLO 4: On January 1 of 2022, ABAC Farms bought a machine costing $22,000 with a four-year estimated life and an estimated salvage value of $2,000. Depreciation method is straight line. On July 1 of 2023 (year 2), ABAC sold the machine for $15,500. What is the entry to reflect this sale? Question 57 options: Debit cash $15,500 Debit accumulated depreciation $10,000 Credit Machine $22,000 Credit Gain on sale of machine $3,500 Debit cash $15,500 Debit accumulated depreciation $7,500 Credit Machine $22,000 Credit Gain on sale of machine $1,500 Debit cash $15,500 Debit accumulated depreciation $10,000 Credit Machine $22,000 Credit Gain on sale of machine $1,000 Debit cash $15,500 Debit accumulated depreciation $14,500 Credit Machine $22,000 Credit Gain on sale of machine $8,000