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During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Accumu lated Depreciation (straight-line) $64,740 (13 years) 17,400 (6 years) Original Residual Estimated Asset Machine A $82,700 Machine B 26,500 Life 15 years 8 years Cost Value $ 8,000 3,300 The machines were disposed of in the following ways a. Machine A: Sold on January 2 for $26,500 cash b. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal) Required 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the disposal of Machine A for $26,500 cash on January 2, 2014 Note: Enter debits before credits Date General Journal Debit Credit Jan 02 During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Accumulated Depreciation (straight-line) $64,740 (13 years) 17,400 (6 years) Original Residual Estimated Asset Machine A $82,700 Machine B 26,500 Life 15 years 8 years Cost Value 8,000 3,300 The machines were disposed of in the following ways a. Machine A: Sold on January 2 for $26,500 cash b. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the disposal of Machine B due to irreparable damage from an accident Note: Enter debits before credits Date General Journal Debit Credit Jan 02

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