Exercise 258 a-b - Grayson's Lumber Mill sold two machines in 2020. The following information pertains to the two machines: Machine #1 #2 Purchase Useful Salvage Depreciation Cost Date Life Value Method $66,000 7/1/16 5 yrs $6,000 Straight-line $50,000 7/1/19 5 yrs $5,000 Double-declining-balance 1 Sales Price $15,000 $30,000 Date Sold 7/1/20 12/31/20 Compute the depreciation on each machine to the date of disposal. Machine #1 Annual Year Depreciation Accumulated Depreciation 2016 $ $ 2017 2018 2019 2020 Machine #2 Annual Accumulated Year Depreciation Depreciation 2019 $ $ 2020 SHOW LIST OF ACCOUNTS Prepare the journal entries in 2020 to record 2020 depreciation and the sale of each machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Machine 1 Account Titles and Explanation Debit Credit (To record depreciation expense) (To record sale of equipment) Machine 2 Account Titles and Explanation Debit Credit (To record depreciation expense) (To record sale of equipment) Click if you would like to Show Work for this question: Open Show Work