Chapter 8 Assignment Question 11 of 15 < > View Policies Show Attempt History Current Attempt in Progress 0.43/1 On March 1, 2019, Zephur Winds Ltd. purchased a machine for $69,000 by paying $25,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $6,900. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $59,000. Chapter 8 Assignment Question 11 of 15 0.43/1 Record the depreciation expense for 2019 and 2020, prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31. 2019 Depreciation Expense Accumulated Depreciation-Machinery Dec. 31, 2020 Oct. 30, 2021 Depreciation Expense Accumulated Depreciation-Machinery Depreciation Expense Accumulated Depreciation Machinery (To record depreciation expense) Oct. 30, 2021 Cash Debit 59,000 Accumulated Depreciation-Machinery 44,000 Machinery Gain on Disposal Credit 69,000 44,000