1\ points\ Time Remaining 1 hour 21 minutes 34 seconds01:21:34\ eBookHintPrintReferencesCheck my workCheck My Work button is now enabled1Item 1\ Time Remaining 1 hour 21 minutes 34 seconds01:21:34\ Exercise 8-18 (Algo) Partial-year depreciation; disposal of plant asset LO P2\ Rayya Company purchases a machine for $100,800 on January 1, 2020. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2024, during its fifth year of service.\ \ Prepare entries to record the partial years depreciation on July 1, 2024, and to record the sale under each separate situation. (1) The machine is sold for $43,200 cash. (2) The machine is sold for $34,560 cash.