Lone Pine Company has a machine that originally cost $60,000. 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, Lone Pine sells the machine. Prepare the journal entry to record the machine’s sale for (Round to the nearest dollar): a. $39,000 cash b. $38,000 cash c. $28,000 cash General Journal Date Description Debit Credit a. Answer Answer 39,000 Answer 0 Accumulated Depreciation - Equipment Answer 22,000 Answer 0 Answer Answer 0 Answer 60,000 Gain on Sale of Plant Assets Answer 0 Answer 1,000 To record sale of machine. b. Cash Answer