can I get on help this problem This image displays a segment of a General Journal entry form commonly used in accounting software for recording transactions. It highlights the 'Description' field, which includes a dropdown menu of common account titles. These titles are used to classify transactions for accurate financial reporting. The dropdown menu in the 'Description' column includes the following options:1. Accumulated Depreciation - Equipment2. Cash3. Equipment4. Gain on Sale of Plant Assets5. Loss on Sale of Plant Assets6. Net LossBelow the dropdown, the 'Description' field is filled with "Accumulated Depreciation - Equipment." The accompanying text box, potentially for explaining the entry, contains the note: "To record sale of machine."This setup facilitates the categorization and explanation of transactions, which is essential for maintaining organized and accurate financial records. **Sale of Plant Asset**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. | | | || | Accumulated Depreciation - Equipment | | || | | | || | Gain on Sale of Plant Assets | | || | *To record sale of machine.* | | || b. | | | || | Cash | | || | | | || | *To record sale of machine.* | | || c. | | | || | Cash | | || | Accumulated Depreciation - Equipment | | || | *To record sale of machine.* | | |The table shows general journal entries for recording the sale of the machine at different cash values. It includes entries for Accumulated Depreciation and Cash, with notes indicating the purpose of the entry (to record the sale of the machine).

Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Sale of Plant Asset 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

Sale of Plant Asset 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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