Prepare journal entries for the following if the company adjusts its accounts annually:(a)1 November 20X1.Purchased machinery for $93,600 with a $7,200 residualvalue and a six year life by paying $14,400 down and the balance with a Note Payable.(Ignore interest)(b)31 December 20X1.Record the adjusting entry for depreciation using the straightline method to the nearest month.(c)1 July 20X2.(i)The depreciation before the disposal;(ii)Sold the machinery for$81,600 cash;and (iii)Paid off the Note Payable.DebitCredita.b.c.ic.iic.iii
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