Prepare journal entries for the following

• Nov 1, 14: purchased machinery for $93,600 with a $7,200 residual value and a 6 year life by paying $14,400 down and the balance with a Note Payable.
• Dec 31, 14: record the adjusting entry for depreciation using the straight line method to the nearest month.
• Jul 1, 15: Sold the equipment for $81,600 cash and paid off the Note payable.