Zimmer Company sold the following two machines in 2020: Machine A Machine B Cost $76,000 $80,000 Purchase date July 1, 2016 January 1, 2017 Useful life 8 years 5 years Salvage value $4,000 $4,000 Depreciation method Straight-line Double-declining-balance Date sold July 1, 2020 August 1, 2020 Sales price $35,000 $16,000 Instructions 1. Pass the necessary journal entries to record purchase of the machine A and Machine B on 1 July 2016 and 1 January, 2017 respectively. 2. Calculate depreciation of the machine A and machine B for the year 2016, 2017, 2018, 2019. . 3. Journalize all entries required to update depreciation and record the sales of the two assets in 2020.