Coronado Corporation owns machinery that cost $29,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,504 per year, resulting in a balance in accumulated depreciation of $12,264 at December 31, 2020. The machinery is sold on September 1, 2021, for $7,592. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Round answers to 0 decimal places, e3. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. if no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) Depreciation Expense 2336 Accumulated Depreciation-Machinery 2336 (b) Cash 7592 Accumulated Depreciation-Machinery 14600 Gain on Disposal of Machinery 7008 Machinery 29200 HHIIHI IIHHIH Metlock Corporation traded a used truck (cost $28,000, accumulated depreciation $25,200) for a small computer with a fair value of $4,620. Metlock also paid $700 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry\" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Equipment 4620 Accumulated Depreciation-Trucks 25200 Trucks | 28000 Cash | 700