Disposal of an asset. Rooney & Burke, Inc. is disposing of a factory machine it has had for 3 years, 3 months. The cost of the machine was $50,000, and the company estimated the salvage to be $5,000. A five-year life was expected. The company used the straight-line depreciation method. Prepare the journal entry to update the machine's depreciation prior to disposal. Calculate the machine's book value at the time of disposal. Prepare the journal entry assuming Rooney & Burke sold the machine for $8,000. Prepare the journal entry assuming Rooney & Burke sold the machine for $24,000