Wang Industries purchased a machine for $$160,000$ cash on the first day of Year $1.$ In addition to the purchase price, Wang spent an additional $$10,000$ cash for shipping and installation. The company originally estimated that the machine had a useful life of $10$ years and a residual value of $$15,000.$ Accum. Depn

Accounts payable

Accounts receivable

Cash

Depreciation expense

Gain on sale

Loss on sale

Machinery

Retained earnings

Sales revenue

Equipment expense

N$/$A

On the last day of Year $4,$ Wang sold the machine to another company for $$60,000$ cash.

Record the following transactions on the financial statement effects template:

a$.$ Acquisition of the machine

b$.$ Depreciation in the first year. Wang uses the straight$-$line method of depreciation.

c$.$ Sale of the machine on the last day of Year $4.($Assume that Wang was using the equipment up to the sale date.$)$

Note: Use negative signs with your answers, when appropriate. Select $"$N$/$A$"$ as your answer if a part of the accounting equation is not affected. Make sure you select the proper title from the drop down menu for each entry. Drop down options: "accum. depn" "accounts payable" "accounts receivable" "cash" "depreciation expense" "gain on sale" "loss on sale" "machinery" "retained earnings" "sales revenue" "equiptment expense" $"$N$/$A$"$