A company purchased and installed a machine on January 1, 2016 at a total cost of $86,000. Straight-line depreciation was calculated based on the assumption of a five-year life and salvage value $4,000. The machine was sold for $25,000 cash on October 1, 2019. (Assume depreciation is up to date as of December 31, 2018.) Required: 1. Prepare the journal entry to update depreciation to October 1, 2019. 2. Prepare the journal entry to record the sale of the machine on October 1, 2019