The Fisher Company purchased a machine on October 1, 2018, for $80,000. At the time of the acquisition, the machine was estimated to have a useful life of five years and an estimated salvage of $5,000. Fisher has recorded depreciation using the straight-line method. On April 1, 2020, the machine was sold for $50,000. The companys fiscal year-end is Dec 31. It calculates depreciation on a monthly basis, and no depreciation was recorded for 2020 yet.

Record the journal entries for 2020 related to the disposal of the machine.