XXX is in the machine job shop business. Its owns a lathe that was purchased 4 years ago

XXX is in the machine job shop business. Its owns a lathe that was purchased 4 years ago for $75,000 and was being depreciated over 5 years using straight line deprecation with out taking salvage value into consideration. Domco wants to sell the lathe to make room for a new one and has asked a machine tool dealer to make an offer to purchase the lathe.Required:a. Assume the machine tool dealer offered the company $18,000 in cash for lathe and the company accepted the offer. Make the required journal entry record the sale of the lathe.b. Assume the machine tool dealer offered the company $13,000 in cash for lathe and the company accepted the offer. Make the required journal entry record the sale of the lathe.

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