Zimmer Company Sold the Following Two Machines in 2017 Instructions
Journalize All Entries Required to Update Depreciation and Record

Essay

Zimmer Company sold the following two machines in 2017: $$\begin{array} { l c c } & \underline{ \text { Machine A }} & \underline{\text { Machine B }} \\ \text { Cost } & \$ 76,000 & \$ 80,000 \\\text { Purchase date } & 7 / 1 / 13 & 1 / 1 / 14 \\\text { Useful life } & 8 \text { years } & 5 \text { years } \\\text { Salvage value } & \$ 4,000 & \$ 4,000 \\\text { Depreciation method } & \text { Straight-line } & \text { Double-declining-balance } \\\text { Date sold } & 7 / 1 / 17 & 8 / 1 / 17 \\\text { Sales price } & \$ 35,000 & \$ 16,000\end{array}$$ Instructions
Journalize all entries required to update depreciation and record the sales of the two assets in 2017. The company has recorded depreciation on the machines through December 31 2016.