5: Property Plant & Equipment (6 Marks) Sparky Company Ltd. sold a piece of machinery to one of the Company's largest competitors on February 5th, 2020 for proceeds of $32,000. The Company's fiscal year end is December 31 and the Company's policy is to record depreciation annually. The machinery had an original cost of $48,000 plus the last four digits of your student number. For example, if your student number is T00055444, the cost is $53,444. Use your own student number. The accumulated depreciation of the machinery is $7,500. The Company uses a depreciation rate of 20% Required: Prepare all necessary journal entries related to the sale. Date Account Debit Credit