Problem # 8 (15 points) Presented below are selected transactions for Werley Company for 2014 Jan. 1 Received $9,000 cash on retirement of machinery that was purchased on January 1, 2004. The machine cost $90,000 on that date and was fully depreciated. The machine had a useful life of 10 years with no salvage value. April 30 Sold equipment for $34,000 that was purchased on January 1, 2011. The equipment cost $90,000, and had a useful life of 5 years with no salvage value. Accumulated depreciation as of December 31, 2013 was $54,000 Discarded a business automobile that was purchased on April 1, 2010. The car cost Dec. 31 $27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Instructions Journalize all entries required as a result of the above transactions. Werley Company uses the 2t0ra3 h line method of depreclation and has recorded depreciation through December 31 Solution to Problem # 8 Jan 1, 2014 retirement of machinery April 30, 2014 Journal entry for depreciation for 2014