Rayya Company purchases a machine for $$92,400$ on January $1,2020.$ Straight$-$line depreciation is taken each year for four years assuming a seven$-$year life and no salvage value. The machine is sold on July $1,2024,$ during its fifth year of service.

Prepare entries to record the partial year's depreciation on July $1,2024,$ and to record the sale under each separate situation. $(1)$ The machine is sold for $$39,600$ cash. $(2)$ The machine is sold for $$31,680$ cash.

Journal entry worksheet

$1$

$2$

$3$

Record the depreciation expense as of July $1,2024.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$July $01,2024,,,]]$