Question 17 Not yet answered Marked out of 11.00 Leonard Corporation acquired a machine in the first week of March 2019 and paid the following amounts: invoice price of $60,000, freight-in of $4,200 and installation costs of $5,400. The estimated useful life of the machine is 5 years with no residual value. The company has December 31 as its year end and uses a straight-line depreciation method for long-term assets. Leonard Corporation depreciates its assets based on the number of months it owned the asset during the year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. Enter the debit accounts in alphabetical order and enter the credit accounts in alphabetical order. P Flag question a) Calculate the net book value of the machine on December 31, 2020. Depreciation 2019 $ Depreciation 2020 $ Net Book Value Dec 31, 2020 $ b) On December 31, 2020, the business sold the machine for $45,880. The sale happened after the journal entry to record the year's depreciation. Prepare the journal entry to record the sale of the machine. Date Account Title and Explanation Debit Credit Dec 31 Accounts Payable Accounts Receivable Accumulated Depreciation Cash Gain on Sale of Asset Loss on Sale of Asset