asset's book value is $19,600 on December 31 , Year 5 . Assuming the asset is sold on December 31 , Year 5 for $13,400, the company should record: Multiple Choice A loss on sale of $6,200. A gain on sale of $6,200. A loss on sale of $12,700. Neither a gain nor a loss is recognized on this transaction. A gain on sale of $12,700. Mohr Company purchases a machine at the beginning of the year at a cost of $26,000. The machine is depreciated using the straight-line method. The nachine's useful life is estimated to be 5 years with a $5,000 salvage value. The book value of the machine at the end of year 2 is: Multiple Choice $4,200. $17,600. $8,400. $12,600. $21,000. asset's book value is $19,600 on December 31 , Year 5 . Assuming the asset is sold on December 31 , Year 5 for $13,400, the company should record: Multiple Choice A loss on sale of $6,200. A gain on sale of $6,200. A loss on sale of $12,700. Neither a gain nor a loss is recognized on this transaction. A gain on sale of $12,700. Mohr Company purchases a machine at the beginning of the year at a cost of $26,000. The machine is depreciated using the straight-line method. The nachine's useful life is estimated to be 5 years with a $5,000 salvage value. The book value of the machine at the end of year 2 is: Multiple Choice $4,200. $17,600. $8,400. $12,600. $21,000