Exercise 7-59 (Algorithmic) Disposal of Fixed Asset Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2019. Pacifica sold the machine to another company and did not replace it. The following data are available for the machine: Cost (installed), 1/1/2014 $920,000 Residual value estimated on 1/1/2014 160,000 Estimated life as of 1/1/2014 8 years The machine was sold for $195,000 cash. Pacifica uses the straight-line method of depreciation. Required: 1. Prepare the journal entry to record depreciation expense for 2019. 2019 Dec. 31 Depreciation Expense Accumulated Depreciation Record depreciation expense 2. Compute accumulated depreciation at December 31, 2019. 3. Prepare the journal entry to record the sale of the machine. If no entry is required, leave the answer boxes blank. Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2019. Pacifica sold the machine to another company and did not replace it. The following data are available for the machine Cost (installed), 1/1/2014 $920,000 Residual value estimated on 1/1/2014 160,000 Estimated life as of 1/1/2014 8 years The machine was sold for $195,000 cash. Pacifica uses the straight-line method of depreciation Required: 1. Prepare the journal entry to record depreciation expense for 2019. 2019 Dec 31 Depreciation Expense Accumulated Depreciation Record depreciation expense 2. Compute accumulated depreciation at December 31, 2019. 3. Prepare the journal entry to record the sale of the machine. If no entry is required, leave the answer boxes blank. 2019 Dec. 31 llll