On January 1, 20X1, Delta Corporation acquired machinery for $120,000 cash. The machinery has a useful life of 8 years and no residual value. Calculate the depreciation expense for the year 20X1 using the straight-line method.

Additionally, Delta Corporation made the following transactions during 20X1:

• March 1: Paid $8,000 for machinery repairs.
• May 1: Purchased additional machinery parts for $10,000.
• September 1: Sold a portion of the machinery for $30,000 cash. The portion sold had a carrying amount of $40,000.

Required:

• Calculate the total depreciation expense for the year 20X1.
• Prepare journal entries for the machinery-related transactions.