I.) London Sawit paid $432,000 cash for a machine on January 1, 2011. The machine is depreciated on a straight-line basis, with depreciation for partial years rounded to the nearest month. Estimated useful life was nine years, with no residual value. After owning the machine for six years and five months, London Sawit sold the machine on May 31, 2017, for cash of $85,000. Depreciation had last been recorded on December 31, 2016. a. Compute to the nearest full month depreciation for the fractional period from January 1, 2017 to May 31 of 2017. (1 mark) b.Compute the book value of the machine at May 31, 2017, the date of sale. (3 marks) c. Compute the gain or loss on the sale of the machine. (1 mark) d. Prepare the journal entry including explanation to record the sale of the machine on May31,2017. (4 marks) II.) Prepare journal entries for the following, excluding explanation: (8 marks) (a) November 1, 2017 (b) Purchased machinery for $93,600 with a $7,200 residual value and a six-year life by paying $14,400 down and the balance with a Note Payable. (Ignore interest) Record the adjusting entry for depreciation using the straight-line method to the nearest month. Sold the equipment for $81,600 cash and paid off the Note payable. December 31, 2017 July 1, 2018