Winningham Company sold the following two machines in 2019:

Machine A Machine B Cost $ 92,000 $ 43,000 Purchase date July 1, 2015 Jan. 1, 2016 Useful life 8 years 8 years Residual value $ 4,000 $ 3,000 Depreciation method Straight-line Double diminishing-balance Date sold July 1, 2019 Aug. 1, 2019 Sales price (Cash) $ 37,000 $ 12,000

Instructions:

Journalize all entries required to update depreciation and record the sales of the two assets in 2019.

NOTE: The company has recorded depreciation on the machines up to December 31, 2018.