Disposal of Fixed Asset Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2023. Pacifica sold the machine to another company and did not replace it. The following data are available for the machine: Cost (installed), Jan. 1, 2018 Residual value estimated on Jan. 1, 2018 Estimated life as of Jan. 1, 2018 The machine was sold for $180,000 cash. Pacifica uses the straight-line method of depreciation. Required: $920,000 160,000 8 years 1. Prepare the journal entry to record depreciation expense for 2023. If an amount box does not require an entry, leave it blank. 2023 Dec. 31 2. Compute accumulated depreciation at December 31, 2023. $ 3. Prepare the journal entry to record the sale of the machine. If an amount box does not require an entry, leave it blank. 2023 Dec. 31

Paccica Manufacturng retired a computenzed metal stampang machine on December 31, 2023. Pacifica sold the machine to ancather compary and did not replace it. Ihe following data are avalable for the machine: The machine was sold for $180,000 cash. Pacifica uses the straight-line mothod of depreciation. Required: 1. Prepare the journal entry to rocord depreciabon expense for 2023 . If an amount box does not require an entry, leave it blank 2. Compute accumulated depreciation at December 31, 2023