Liang Industries purchased a machine for $128,000 cash on the first day of Year 1. In addition to the purchase price, the company spent an additional $8,000 cash for shipping and installation. Liang originally estimated that the machine had a useful life of 10 years and a residual value of $12,000. On the last day of Year 4, Liang sold the machine to another company for $48,000 cash. Prepare journal entries for the following transactions: a. Acquisition of the machine (all costs) b. Depreciation in the first year. Liang uses the straight-line method of depreciation. c. Sale of the machine on the last day of Year 4. (Assume that Liang was using the equipment up to the sale date.) Note: Select "N/A" if no account affected. Account Debit Credit Machinery Answer Cash ?