1. Record the disposal of Machine A for $23,000 cash on January 2, 2014.

2. Record the disposal of Machine B due to irreparable damage from an accident.

During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Estimated Life 15 years 8 years Accumulated Depreciation (straight-line) $63,873 (13 years) 15,300 (6 years) Original Residual Value Machine A $79,200 $5,500 2,600 Asset Cost Machine B 23,000 The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $23,000 cash. b. Machine B: On January 2, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Required 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on January 2 of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 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