8A-4. PEACH Winery purchased a wine press for $120,000 on January 1, 20x1. The press has a useful life of eight years and no end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $32,000 cash. salvage value at the 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. 2. Show the entry necessary to record the sale of the press on May 1, 20x5