QUESTION 7 Winningham Company sold the following two machines in 2017: 20 MARKS Cost Purchase date Useful life Residual value Depreciation method Date sold Sales price Machine A $92,000 July 1, 2013 8 years $4,000 Machine B $43,000 Jan. 1, 2014 8 years $3,000 Straight-line Double diminishing-balance July 1, 2017 $37,000 Aug. 1, 2017 $12,000 Instructions Journalize all entries required to update depreciation and record the sales of the two assets in 2017. The company has recorded depreciation on the machine to December 31, 2016