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Help please :) PA9-2 (Algo) Recording...

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Accounting

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PA9-2 (Algo) Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5] Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $10,900 cash. b. Machine B: On January 1, 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 at the beginning of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Machine A: Sold on January 1 for $10,900 cash. Record the transaction. Note: Enter debits before credits. Record the current year depreciation for Machine B prior to disposal. Note: Enter debits before credits. Journal entry worksheet Machine B: On January 1, this machine was scrapped with zero proceeds (and zero cost of removal). Record the transaction. Note: Enter debits before credits

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