Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co, purchases and installs a machine on January 1, 2018, at a total cost of $168.000. Straight line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate assumptions (1) The machine is sold for $72,000 cash (2) An insurance settlement of $57,600 is received due to the machine's total destruction in a fire. Verw transaction list Journal entry worksheet Record the depreciation expense as of July 1, 2022 Note: Enter debits before credits Date July 01, 2022 General Journal Debit Credit Record entry Clear entry View general journal