November 30, 2021 Lynbrook Inc. sold a piece of machinery for $125,000 that was purchased for $200,000 on March 1, 2016. The machinery had an original useful life of 10 years with a salvage value of 20,000. (Lynbrook uses straight-line depreciation assuming half-year convention)

Required:

1. Prepare the journal entry to record the depreciation expense that should be made for the year 2021, the year the machine was sold, using straight-line depreciation and assuming half-year convention.

2. Prepare the journal entry to record the sale of the machine on November 30, 2021 (using straight-line and assuming half-year convention)