On January 1, 20X1, Lambda Corporation acquired machinery for $150,000 cash. The machinery has a useful life of 10 years and no residual value. Calculate the depreciation expense for the year 20X1 using the straight-line method.

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

• March 1: Paid $10,000 for machinery repairs.
• May 1: Purchased additional machinery parts for $15,000.
• September 1: Sold a portion of the machinery for $50,000 cash. The portion sold had a carrying amount of $60,000.

Required:

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