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Ly Company disposed of two different assets. On January 1, prior to their disposal, the...

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Accounting

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Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Accumulated Depreciation (straight-line) $ 28,240 (4 years) Original Residual Estimated Life Asset Value Cost Machine $ 40,000 $4,700 5 years A Machine 12 years 53,100 (9 years) 5, 400 76,200 The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $12,000 cash b. Machine B: On January 1, 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 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.) View transaction list Journal entry worksheet 1 2 4 Record the current year depreciation for Machine A prior to disposal. Note: Enter debits before credits Date General Journal Debit Credit January 01 Record entry Clear entry View general journal Journal entry worksheet

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