Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and Installs a machine on January 1, 2017. at a total cost of $142,800. 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, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate assumptions: (1) The machine is sold for $61,200 cash. (2) An Insurance settlement of $48,960 is received due to the machine's total destruction in a fire. View transaction Mat Journal entry worksheet 1 Record the depreciation expense as of July 1, 2021. Note: Enter debits before credits General Journal Debit Credit Date July 01, 2021 Record entry Clear entry View general Journal View transactionat Journal entry worksheet 2 Record the sale of the machinery for $61,200 cash. Note: Enter debits before credits General Journal Debit Credit Date July 01, 2021 Record entry Clear entry View general Journal View transaction Wat Journal entry worksheet Record the insurance settlement received of $48,960 due to the machine's total destruction in a fire. Note: Enter dehits before credits Date General Journal Debit Credit July 01, 2021 Record entry Clear entry View general Journal