A cоmpаny purchаsed аnd installed machinery оn January 1 at a tоtal cost of $918,320. Straight-line depreciation was calculated based on the assumption of a ten-year life and $18,320 salvage value. The Equipment was disposed on January 1 of year eight. The company uses the calendar year.1. Prepare the general journal entry to update depreciation to January 1 of Year 8. 2. Prepare the general journal entry to record the sale of the machine for $315,000 cash. Prepare a table for the journal entries and show your work for partial credit.