Grayson's Lumber Mill sold two machines in 2020. The following information pertains to the two machines:

Machine

Cost

Purchase Date

Useful Life

Salvage Value

Depreciation Method

Date Sold

Sales Price

#1

$66,000

7/1/16

5 yrs

$6,000

Straight-line

7/1/20

$15,000

#2

$50,000

7/1/19

5 yrs

$5,000

Double-declining-balance

12/31/20

$30,000

Compute the depreciation on each machine to the date of disposal. Machine #1

Year		Annual Depreciation		Accumulated Depreciation
2016		$		$
2017
2018
2019
2020

Machine #2

Year		Annual Depreciation		Accumulated Depreciation
2019		$		$
2020

SHOW LIST OF ACCOUNTS

Prepare the journal entries in 2020 to record 2020 depreciation and the sale of each machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Machine 1

Account Titles and Explanation	Debit	Credit
(To record depreciation expense)
(To record sale of equipment)

Machine 2

Account Titles and Explanation	Debit	Credit
(To record depreciation expense)
(To record sale of equipment)