Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $159,600. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate assumptions: (10 The machine is sold for $79,800 cash. (2) An insurance settlement of $67,032 is received due to the machine's total destruction ina fire. Journal entry worksheet Record the depreciation expense as of July 1, 2021 Date General Journal Debit Credit July 01, 2021 Depreciation expense 096 91 Accumulated depreciation-Machinery 096 910 A Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $159,600. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of oMae: Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the folllowing separate assumptions: (1) The machine is sold for $79,800 cash. (2) An insurance settlement of $67,032 is received due to the machine's total destruction in a fire. Sl URA MaA Journal entry worksheet Record the sale of the machinery for $79,800 cash. Date General Journal Debit July 01, 2021 Cash 79 800 Accumulated depreciation-Machinery 79 800 Gain on sale of machinery Machinery Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $159600. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of P Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate assumptions: (1) The machine is sold for $79,800 cash. (2) An insurance settlement of $67,032 is received due to the machine's total destruction in a fire. Journal entry worksheet > General Journal upar July 01, 2021