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Rayya Company purchases a machine for $117,600 on January 1,2021. Straight-line depreciation is taken each...

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Accounting

Rayya Company purchases a machine for $117,600 on January 1,2021. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1,2025, during its fifth year of service.
Prepare entries to record the partial years depreciation on July 1,2025, and to record the sale under each separate situation. (1) The machine is sold for $50,400 cash. (2) The machine is sold for $40,320 cash. Record the depreciation expense as of July 1,2025. Record the sale of the machinery for $50,400 cash. Record the machine sold for $40,320 cash. Record the depreciatioin expense as of July 1,2025. Record the sale of machinery for $50,400 cash. Record the machine sold for $40,320 cash.

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