Problem 1, Prepare the journal entries necessary to record the depreciation, acquisition and or disposal on the following The WHY Company sold some machinery on 7/1/99. The asset originally cost $25,000 and was depreciated at a rate of 10% per year. No entries have been recorded in 1999 regarding this asset. WHY Com that was originally purchased on 1/2/91 any received $8,000 for this asset