CP9-2 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 Accumulated Depreciation (straight-line) $63,353 (13 years) 14,400 (6 years) Original Residual Asset Machine A $77,700 Machine B 21,500 Value $4,600 2,300 Estimated Life 15 years 8 years Cost The machines were disposed of in the following ways a. Machine A: Sold on January 2 for $21,500 cash. b. Machine B: On January 2, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Required 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on January 2 of the current year. (If no entry is required for a transaction event, select"No Journal Entry Required" in the first account field.) 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 View transaction list Journal entry worksheet Record the disposal of Machine A for $21,500 cash on January 2, 2014 Note: Enter debits before credits. Date Jan 02 General Journal DebitCredit Record entry Clear entry View general jourmal