Prepare journal entries for the following (a) Nov 1, 15: purchased machinery for $93,600 with a $7,200 residual value and a 6-year life by paying...

Prepare journal entries for the following

(a) Nov 1, 15: purchased machinery for $93,600 with a $7,200 residual value and a 6-year life by paying $14,400 down and the balance with a Note Payable.

(b) Dec 31, 15: record the adjusting entry for depreciation using the straight-line method to the nearest month.

(c) Jul 1, 16: Sold the equipment for $81,600 cash and paid off the Note payable.