Exercise 8-18 (Static) Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases a machine for $105,000 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 $45,500 cash. (2The machine is sold for $25,000 cash. 4:11 View transactions IX 1 Record the depreciation expense as of July 1, 2024 ences 2 Record the sale of the machinery for $45,500 cash. Record the machine sold for $25,000 cash. Credit Note Journal entry has been entered Record entry Clear entry View general Journal