Exercise 8-18 (Algo) Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases a machine for $176,400 on January 1, 2020. Straight-line depreciation is taken each year for four years assuming a seven-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 $75,600 cash. (2) The machine is sold for $60,480 cash. View transaction list Journal entry worksheet Record the sale of the machinery for $75,600 cash. Note: Enter debits before credits. General Journal Debit Credit Date July 01, 2024 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 > Record the machine sold for $60,480 cash. Note: Enter debits before credits. General Journal Debit Credit Date July 01, 2024 Record entry Clear entry View general journal