Kenneth's Lumber Mill sold two pieces of equipment in 2022. The following information pertains to the two pieces of equip Machine Cost Purchase Date #1 $137,600 7/1/18 Useful Salvage Depreciation Sales Life Value Method Date Sold Price 5 yrs $9,600 Straight-line 7/1/22 $32,000 5 yrs $8,000 Double-declining-balance 12/31/22 $59,200 #2 $152,000 1/1/21 (a) Your answer is correct. Compute the depreciation on each piece of equipment to the date of disposal. Machine #1 Annual Depreciation Year Accumulated Depreciation 2018 $ 12800 $ 12000 2019 25600 38400 2020 25600 64000 2021 25600 39600 2022 12800 102400 2020 25600 64000 2021 25600 89600 2022 12800 102400 Machine #2 Year Annual Depreciation Accumu sited Depreciation 2021 $ $ 60800 60800 2022 36480 97280 titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Machine 1 Account Titles and Explanation Debit Credit (To record depreciation expense) Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Cash Equipment (To record sale of equipment) Machine 2 Debit Account Titles and Explanation Credit Debit Credit Account Titles and Explanation (To record depreciation expense) (To record sale of equipment)