ANSWERS A AND B NEEDED

During the current year, Martinez Company disposed of two different assets. On January $1,$ prior to their disposal, the accounts reflected the following:

$\backslash$table$[[,$Original,Residual,Estimated,Accumulated Depreciation$],[$Asset$,$Cost,Value,Life,$($straight$-$line$)],[$Machine A$,$$$80,260,$$$6,100,15$ years,$$64,220(13$ years$)],[$Machine B$,24,060,2,800,8$ years,$15,900(6$ years$)]]$

The machines were disposed of in the following ways:

a$.$ Machine A: Sold on January $2$ for $$24,000$ cash.

b$.$ Machine B: On January $2,$ this machine was scrapped with zero proceeds $($and zero cost of removal$).$

Required:

& $2.$ 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 received 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.$)$

Journal entry worksheet

$1$

$2$

Machine A: Sold on January $2$ for $$24,000$ cash. Record the transaction.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $02,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$