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Selected plant and equipment asset balances on December 31, 2013 for X-cell Inc. are as follows: Machinery $118.800 Accumulated Depreciation, Machinery 59,000 Remaining estimated useful life on the machinery is 5 years with residual value of $16,000, depreciated using the straight-line method to the nearest whole month. The machinery was sold on July 5, 2014 for cash of $55,420. Prepare journal entries for the following a. Depreciation of the machinery for 2014. b. The sale of the machinery on July 5. Ensure accuracy in your calculations by rounding only your final answer to the nearest whole dollar). Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie., January 15 would be 15/Jan). For simplicity, assume the assets are depreciated as individual items and will not be broken into parts and depreciated General Journal Page GJ2 Date Account/Explanation F Debit Credit