Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases a machine for $134,400 on January 1,2019 . 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 1,2023 , during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1,2023, and to record the sale under each seperate situation. (1) The machine is sold for $67,200 cash. (2) The machine is sold for $56,448 cash. Journal entry worksheet Record the depreciation expense as of July 1, 2023. Note: Enter debits before credits. Journal entry worksheet Record the machine sold for $56,448 cash. Note: Enter debits before credits. Journal entry worksheet Record the sale of the machinery for $67,200 cash. Note: Enter debits before credits