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ring the current year, Martinez Company disposed of two different assets. On January 1, prior to thelr disposal, the accounts lected theolowing: Accumulated Depreciation (straight line) $65,173 (13 years) 18,888 (6 years) Original Residual Asset Machine A achineB Cost $83,7e8 27,588 Value $8,5e0 3,580 Estimated Life 15 years 8 years e machines were disposed of In the following ways Machine A: Sold on January 2 for $27,500 cash. Machine B: On January 2, this machlne was sold to a salvage company at zero proceeds (and zero cost of removal). qulred 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 recelved 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 $27,500 cash on January 2, 2014 Note: Enter debits before credits Date General Journal Debit Credit Jan 02 Record entry Clear entry View general jourmal U.S. Bank n D OpenStax- Your Bibliography Library Genesis O B-OK myHR D Wordpress ork ring the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts ected the olowng Accumulated Depreciation (straight line) $65,173 (13 years) 18,888 (6 years) Original Residual Asset achine A achine B Cost $83,788 27,588 Value $8,5e0 3,580 Estimated Life 15 years 8 years machines were disposed of in the following ways: Machine A: Sold on January 2 for $27,500 cash. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). ulred 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 recelved on disposal, the loss on disposal will equal the book value of the asset at the time of disposal. (If no entry is require 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 B due to irreparable damage from an accident. Note: Enter debits before credits Date General Journal Debit Credit Jan 02 Record entry Clear entry View general jourmal ork Save the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines Immedlately were erhauled, were Installed, and started operating. Because the machines were different, each was recorded separately In the counts Machine A MachineB Machine Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began $8,850 358 2,400 498 $26,588 758 1,658 448 $1e,288 658 1,158 558 y the end of the first year, each machine had been operating 4,000 hours. equired Compute the cost of each machlne Prepare the Journal entry to record depreclation expense at the end of year 1, assuming the following: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreclation (not resldual value) Estimates Machine Life Residual Value Depreciation Method 5 years 28,888 hours 6 years $ 488 288 1,288 Straight-line Units-of-production Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1Required 2 Compute the cost of each machine Machine achine A achine B achine C Required 1 Required 2 > View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1 Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jourmal