On January 1, 2021. Cheyenne Company purchased on credit machinery costing $136,500 and incurred $4,655 in installation costs. The machinery has an estimated useful life of 15 years and a residual value of $9,620. The company uses the straight-line method of depreciation. At the end of 2022 , Cheyenne recorded depreciation and assessed the asset, determining a recoverable amount of $114,400. Cheyenne sold the equipment to Voilex Corporation on June 30,2023 , for $112,500. Prepare the necessary entries assuming Cheyenne has a December 31 year-end. (Credit account 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 0 for the amounts. List all

On January 1,2021 , Cheyenne Company purchased on credit machinery costing $136,500 and incurred $4,655 in installation costs. The machinery has an estimated useful life of 15 years and a residual value of $9,620. The company uses the straight-line method of depreciation. At the end of 2022, Cheyenne recorded depreciation and assessed the asset, determining a recoverable amount of $114,400. Cheyenne sold the equipment to Voilex Corporation on June 30,2023 , for $112,500. Prepare the necessary entries assuming Cheyenne has a December 31 year-end. (Credit account 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 0 for the amounts. List a debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record depreciation expense) (To record depreciation expense) (To record loss on impairment) (To record depreciation expense) (To record disposal of machinery)