On January 1, 2018, World Inc. purchased five machines at a cost of $14,000 each. The company adopted the group (straight-line) depreciation method, using an eight-year life with a $2,800 salvage value per machine. Correct depreciation was recorded in 2016 and 2017. On January 1, 2020, one of the machines was sold for $6,500. On January 3, 2020, a new unrelated piece of equipment was purchased for $15,000 with no salvage value and a six-year life. It will be depreciated using the straight-line method. Required: Prepare appropriate journal entries for a. January 1, 2020 b. December 31, 2020, to record depreciation expense General Journal 1 2 3 4 5 DATE ACCOUNT TITLE GENERAL JOURNAL PAGE 10 POST. REF DEBIT CREDIT