its accounting post wrong area..

14 Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $126,000. 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, 2022, during its fifth year of service. 10 Prepare entries to record the partiel year's depreciation on July 1, 2022, and to record the disposal under the following seperate assumptions: (1) The machine is sold for $54,000 cash. (2) An insurance settlement of $43,200 is received due to the machine's total destruction in a fire. points Answer is not complete. No Date General Journal Debit Credit 126,000X) July 01, 2022 Depreciation expense 126,000X Accumulated depreciation-Machinery Cash July 01, 2022 Accumulated depreciation-Machinery Machinery Gain on sale of machinery Cash Accumulated depreciation-Machinery Loss on sale of machinery Machinery 3 July 01, 2022