buyer Martinez company During the current year, Martinez Company disposed of two different assets. On January 1. prior to their disposal, the accounts reflected the following: Original Residual Accumulated Depreciation Asset Value Estimated Life (straight-line) Machine A $82,700 $8,000 15 years $64,740 (13 years) Machine B 26,500 3,300 8 years 17,400 (6 years) The machines were capoved o in the showing way The machines were disposed of in the following ways: a Machine A: Sold on January 2 for $26,500 cash b. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). Required: 1. & 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.)