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During the current year, Martinez Company disposed of two different assets....

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Accounting

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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: Original Accumulated Depreciation Asset Cost Residual Value Estimated Life (straight-line) Machine A $79,700 $5,689 15 years 564,220 (13 years) Machines 23,500 2,700 8 years 15,600 (6 years) The machines were disposed of in the following ways: a Machine A Sold on January 2 for $23,500 cash b Machine B: On January 2 this machine was scrapped with 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.)

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