Just Cabinet Manufacturing Inc owns machinery used to make cabinets. The original cost of the machinery was $20,000 and it was purchased July 1, 2014. Deprecation has been recorded yearly at $2,400. The current accumulated depreciation as of Dec 31, 2017 is $8,400. Just Cabinet sold the machinery on September 1, 2018 for $5,200 cash.

Prepare the journal entry to:

#1-update the deprecation for the year of the sale (2018)

#2-record the sale