Grayson's Lumber Mill Sold Two Machines in 2018 Instructions
(A) Compute the Depreciation on Each Machine to the Information

Grayson's Lumber Mill sold two machines in 2018. The following information pertains to the two machines: $\begin{array}{cccccccc}&&\text { Purchase}&\text { Useful}&\text { Salvage }&\text { Depreciation } && \text { Sales }\\\text { Machine }&\text {Cost}&\text { Date }&\text {Life}&\text { Value}&\text { Method }&\text {Date Sold}&\text { Price }\\\hline\# 1 &\$66,000& 7 / 1 / 14 & 5 \mathrm{yrs} & \$ 6,000 & \text { Straight-line } & 7 / 1 / 18 &\$15,000\\\#2& \$ 50,000 & 7 / 1 / 17 & 5 \mathrm{yrs} & \$ 5,000 & \text { Double-declining- } & 12 / 31 / 18&\$30,000 \\&&&&&\text { balance }\\\end{array}$ Instructions
(a) Compute the depreciation on each machine to the date of disposal.
(b) Prepare the journal entries in 2018 to record 2018 depreciation and the sale of each machine.