2. A company purchased and installed machinery on January 1 at a total cost of $93,000. Straightline depreciation was calculated based on the assumption of a five-year life and no calendar year. (6 points) Required: a. Prepare the gencral journal entry to update depreciation to July 1 in year 4. b. Prepare the general journal entry to record the sale of the machine for $27,000 cash Date Account Title Debit Credit