Thornton Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000.

Question:

Thornton Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Thornton has decided to sell the machine.
(a) What entry would Thornton make to record the sale of the machine for $25,000 cash?
(b) What entry would Thornton make to record the sale of the machine for $15,000 cash?