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On March 1,2023, Sandhill Ltd. purchased a machine for $78,000 by paying $17,000 down and...

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Accounting

On March 1,2023, Sandhill Ltd. purchased a machine for $78,000 by paying $17,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $7,800. Sandhill Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30,2025, the machine was sold for $67,000.Assuming that the depreciation was correctly calculated and recorded in 2023 and 2024, prepare the journal entries to update the depreciation and record the sale of the machine on October 30,2025.

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