Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2016. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of $8,400 at December 31, 2019. The machinery is sold on September 1, 2020, for $5,200. A)Prepare Journal entries to update depreciation for 2020. B) Record the sale A) Debit Depreciation Expense 1,600. Credit Accumulated Depreciation Machinery 1,600 b) Debit Cash 20,000. Credit Machinery 20,000 A) Debit Depreciation Expense 1,600. Credit Accumulated Depreciation-Machinery 1,600. b) Debit Cash 10,500 and and Accumulated Deprecation Machinery 10,000. Credit Machinery 20,000 and Gain on disposal of Machinery500. A) Debit Depreciation Expense 1,600. Credit Accumulated Depreciation Machinery 1,600. b) Debit Cash 10,500 and and Accumulated Deprecation-Machinery 9,000. Credit Machinery 20,000 and Gain on disposal of Machinery500 A) Debit Depreciation Expense 1,600. Credit Accumulated Depreciation - Machinery 1,600 b) Debit Cash 5,200 and loss on Disposal of machinery 4,800 and Accumulated Deprecation- Machinery 10,000. Credit Machinery 20,000