ABC Company sold the following two machines in 2019: Machine A Machine B Cost $92,000 $43,000 Purchase date July 1, 2016 Jan. 1, 2017 Useful life 8 years 8 years Residual value $4,000 $3,000 Depreciation method Straight-line Double diminishing-balance Date sold July 1, 2019 Aug. 1, 2019 Sales price $37,000 $12,000 Required: a) The company has recorded depreciation on the machine to December 31, 2018. No depreciation has been done for 2019. Prepare the journal entry or entries in good format to update depreciation before sale. (4 Marks) b) Prepare the journal entry or entries in good format to record the sales of the assets in 2019. (5 Marks) No explanation is needed for the journal entries