At December 31st of the previous year, CC had a machine that had cost $60,000, had cumulated depreciation of $24,000, and zero residual value. CC uses diminishing (declining) lance depreciation at a rate of 40% per year. March 1st of the current year, CC sold the achine for $30,000. Prepare the journal entries for CC on March 1st to update depreciation r two months and to record sale of the machine. Date Debit account Credit account Debit $ Credit $