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Prepare the journal entry to record the machine sale

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Question - Raine Company has a machine that originally cost $75,000. 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. $50,000 cash

b. $40,000 cash

c. $35,000 cash

Reference no: EM132593767

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