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Lucky Lure Co. purchased a machine on October 1, 2020 for $125,000. It has a $15,000 residual value and a 10-year useful life. On July

Lucky Lure Co. purchased a machine on October 1, 2020 for $125,000. It has a $15,000 residual value and a 10-year useful life. On July 1, 2022 the machine sold for $79,500. The company uses the straight-line method of depreciation. The company fiscal year end is December 31.

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Prepare the journal entries for 2020 through 2022

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