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Can you help me with these journal entries? Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflect
Can you help me with these journal entries? Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflect the following:
PA9-2 (Algo) Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5] Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $9,900 cash. b. Machine B: On January 1, this machine was scrapped with zero proceeds (and zero cost of removal). Required: 1. \& 2, Prepare the journal entries related to the disposal of Machine A and B at the beginning of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Machine A: Sold on January 1 for $9,900 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Machine B: On January 1, this machine was scrapped with zero proceeds (and zero cost of removal). Record the transaction. Note: Enter debits before credits Step by Step Solution
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