8A-4. PEACH Winery purchased a wine 20x1. The press has a press for $96,000 on January 1, useful life of eight years and no salvage value at the than four end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each vear using straight line depreciation. More years later, on May 1, 20x5, PEACH sells the press for $34,000 cash. Required: 1. Calculate the accumulated depreciation on the press as of January 1, 20x5 and enter this as the beginning balance in the accumulated depreciation T account. Then show the adjusting entries necessary to bring the depreciation up to date as of May 1 of the same year. Show the entry necessary to record the sale of the press on May 1, 20x5