Ly Company disposed of two different assets. On January 1, prior to their disposal, the...
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Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight-line) Machine A $37,000 $4,000 6 years $27,500 (5 years) Machine B 73,200 5,300 14 years $53,350 (11 years) The machines were disposed of in the following ways: Machine A: Sold on January 1 for $9,800 cash. Machine B: On January 1, this machine was scrapped with zero proceeds (and zero cost of
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