Prepare journal entries for the following if the company adjusts its accounts annually: (a) 1 November 20X1. Purchased machinery for $93,600 with a $7,200 residual value and a six year life by paying $14,400 down and the balance with a Note Payable. (Ignore interest) (b) 31 December 20X1. Record the adjusting entry for depreciation using the straight line method to the nearest month. (c) 1 July 20X2. (i) The depreciation before the disposal; (ii) Sold the machinery for $81,600 cash; and (iii) Paid off the Note Payable. Debit $ Credit $ a. b. c.i c.ii c.iii