CP9-2 (Algo) Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5] 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 Estimated Accumulated Depreciation Asset Cost Value Life (straight-line) Machine A $79, 700 $5,600 $64, 220 13 years) Machine B 23,500 2,700 8 years 15,600 (6 years) The machines were disposed of in the following ways: 15 years a. Machine A: Sold on January 2 for $23,500 cash. . Machine B: On January 2, 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 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.) View transaction list Journal entry worksheet 2 > Machine A: Sold on January 2 for $23,500 cash. Record the transaction. Note: Enter debits before credits General Journal Debit Credit Date January 02