Question 2 Novak Corporation owns machinery that cost $27,600 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $3,312 per year, resulting in a balance in accumulated depreciation of $11,592 at December 31, 2017. The machinery is sold on September 1, 2018, for $7,176 Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Round answers to 0 decimal places, e.g. 5, 275. Credit a ccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b)