$240,000 C a. Cash ACC. depreciation 8. On January 1, 2015, Morgantown Co. purchased five machines...

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$240,000 C a. Cash ACC. depreciation 8. On January 1, 2015, Morgantown Co. purchased five machines at a price of $10,000 per machine. Because the estimated life was five years and no salvage value was expected, a group depreciation rate of 20% was used. On January 1, 2017, one of the machines was sold for $5,000. The correct entry to record the sale of the machine is Loss on Sale of Machine Cash 5,000 Machines ACC. dep 5,000 In group dep. dont record any gain or loss until last Machine is disposed of 5,000 1,000 10,000 Figure out why and how this is the answer $240,000 C a. Cash ACC. depreciation 8. On January 1, 2015, Morgantown Co. purchased five machines at a price of $10,000 per machine. Because the estimated life was five years and no salvage value was expected, a group depreciation rate of 20% was used. On January 1, 2017, one of the machines was sold for $5,000. The correct entry to record the sale of the machine is Loss on Sale of Machine Cash 5,000 Machines ACC. dep 5,000 In group dep. dont record any gain or loss until last Machine is disposed of 5,000 1,000 10,000 Figure out why and how this is the answer