16. A company purchased and installed machinery on January 1 at a total cost of $93,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machinery was disposed of on July 1 of year four. The company uses the calendar year. 1. Prepare the general journal entry to update depreciation to July 1 in year four. 17. Schwartz Company paid $780,000 cash to buy a group of plant assets. An independent appraiser assigned the following values to the assets acquired: Prepare Schwartz' journal entry to record the acquisition of these assets. 15. A company purchased and installed equipment on January 1 at a total cost of $72,000. Straight-line depreciation was calculated based on the estimate of a five-year life and no salvage value. The equipment was disposed of on January 1 of the fourth year. The company uses the calendar year. Prepare the general journal entry to record the disposal of the equipment under each of these independent situations: a. The equipment was sold for $29,000 cash. b. The equipment was sold for $21,000 cash