34 During 2017, Ly Company disposed of two different assets. On January 1, 2017. prior to disposal of the assets, the accounts reflected the following: Original Cost $34,800 66,400 Residual Value $3,600 4,000 Machine A Machine Accumulated Depreciation (straight-line) $26,000 (5 years) 52,800 (11 years) Estimated 6 years 13 years 8 0241-24 The machines were disposed of in the following ways: a. Machine A: This machine was sold on January 1, 2017 for $7830 cash. b. Machine B: On January 1, 2017, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Required: 1. Prepare the journal entries related to the disposal of each machine at the beginning of 2017 Transaction "a* relates to the recording of the 2017 depreciation and transaction 'b* relates to the recording of the disposal of the machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Machine A- Jan. 1, 2017 View transaction list Journal entry worksheet 2 Record the depreciation expense in 2017. Machine A - Jan. 1, 2017: View transaction list Journal entry worksheet Record the entry for disposal of Machine A. Note: Enter debits before credits. General Journal Debit Credit Transaction b. Record entry Clear entry View general journal Machine B - January 1, 2017: View transaction list Journal entry worksheet 1 2 > Record the depreciation expense in 2017. Note: Enter debits before credits. General Journal Debit Credit Transaction a Record entry Clear entry View general journal Machine B - January 1, 2017: View transaction list Journal entry worksheet Record the entry for disposal of Machine B. Note: Enter debits before credits. General Journal Debit Credit Transaction b. Record entry Clear entry View general journal