Rayya Co. purchases a machine for $92,400 on January 1, 2019. 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, 2023, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $46,200 cash. (2) The machine is sold for $38,808 cash. No Date General Journal Debit Credit 1 July 01, 2023 5,775 Depreciation expense Accumulated depreciation-Machinery 5,775 2 July 01, 2023 46,200 51.975 Cash Accumulated depreciation-Machinery Gain on sale of machinery Machinery e|9 9999 5.775 92,400 3 July 01, 2023 Cash Accumulated depreciation-Machinery Loss on sale of machinery Machinery 38,808 51,975 1,192 X 92,400 Rayya Co. purchases a machine for $92,400 on January 1, 2019. 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, 2023, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $46,200 cash. (2) The machine is sold for $38,808 cash. View transaction list Journal entry worksheet