On July 1, 2016, Osceola Company retired a metal stamping machine that it had originally purchased for $1,500,000. At December 31, 2015, the machine had a book value of $125,000 and was being depreciated on a straight-line basis at $75,000 per year. Osceola sold the machine for $200,000.

Prepare the necessary journal entries on July 1, 2016 to record:

1.	depreciation expense on the machine for 2016
2.	the sale of the machine

(**Should be 6 entries)

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6