Sandhill Corporation owns machinery that cost $28,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,456 per year, resulting in a balance in accumulated depreciation of $12,096 at December 31, 2020. The machinery is sold on September 1, 2021, for $7,488. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Round answers to 0 decimal places, eg 5,275. Credit account 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 O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Depreciation Expense 2016 Accumulated Depreciation-Machinery (b) Cash 7.488 e here to search O a No. Account Titles and Explanation Debit Credit (a) Depreciation Expense 2016 Accumulated Depreciation Machinery 2016 ( b) Cash 7.488 Accumulated Depreciation-Machinery 14,112 Gain on Disposal of Machinery Machinery 28.800