Problem 8-2A (Algo) Depreciation methods LO P1 Rayya Co. purchases a machine for $134.400 on January 1, 2020. Straight line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is sold on July 1, 2024, during its fifth year of service: Prepare entries to record the partial year's depreciation on July 1, 2024, and to record the sale under each separate situation (1) The machine is sold for $67200 cash. (2) The machine is sold for $56.448 cash. View transaction list View journal entry worksheet NO Date July 01, 2024 Debit Credit 1 General Journal Depreciation expense Accumulated depreciation Machinery 13.440 13.440 2 July 01, 2024 Cash Accumulated depreciation Machinery Gain on sale of machinery Machinery 13,440 July 01, 2024 Cash Accumulated depreciation Machinery Loss on sale of machinery Machinery