Exercise $8-18($Algo$)$ Partial$-$year depreciation; disposal of plant asset LO P$2$

Rayya Company purchases a machine for $$134,400$ on January $1,2020.$ Straight$-$line depreciation is taken each year for four years assuming a eight$-$year life and no salvage value. The machine is sold on July $1,2024,$ during its fifth year of service.

Prepare entries to record the partial year$$s depreciation on July $1,2024,$ and to record the sale under each separate situation. $(1)$ The machine is sold for $$67,200$ cash. $(2)$ The machine is sold for $$56,448$ cash.