During 2017 Ly Company disposed of two different assets. On January 1, 2017 prior to disposal of the assets, the accounts reflected the following Oral 52.000 2100 The G 110,000 . The machines were disposed of in the following ways Machine A: This machine was sold on January 1, 2017 for $7050 cash 6. Machine B. On January 1 2017. this machine suffered irreparable damage from an accident and was removed immediately by salvege company at no cost Required: 1. Prepare the journal entries related to the disposal of each machine at the beginning of 2017. Transaction relates to the recording of the 2017 depreciation and transaction relates to the recording of the disposal of the machine. Of no entry is required for a transaction/event, select "No journal entry required in the first account field) Machine A. Jan. 1. 2017 Transaction Debit Credit No 1 General Journa No journal entry required 2 7.000 Cash Inventores 70 OOOO OB "Red text indicates no respected in a reformations correct, ne points deducted Machine - January 1, 2017 NO Det Crede Transaction . General Journal Nojumenty required 1 2 Accumulated depreciation, machine Lous on disposal Equipment 58,500 12.700 71,200 During 2017. Ly Company disposed of two different assets. On January 1, 2017, prior to disposal of the assets, the accounts reflected the following Necmate OK Assal Tale Bachine 132.00 52.000 $10,000 years 2.700 SR 500 (13) The machines were disposed of in the following ways. a Machine A This machine was sold on January 1, 2017 for $7050 cash. Machine B on January 1, 2017, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Required: 1. Prepare the journal entries related to the disposal of each machine at the beginning of 2017 Transactions relates to the recording of the 2017 depreciation and transaction relates to the recording of the disposal of the machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Machine A Jan. 1. 2017 Transaction Debit Credit No 1 General Journal No journal entry required a 2 7.050 Cash Inventories SO 7.900 "Red text indicates no response was expected in a celor a formule-based calculation is incorrect; no points deducted Machine B - January 1 2017 No Transaction General Journal Debit Credit 1 No journal entry required 2 Accumulated depreciation, machine B Loss on disposal Equipment 58.500 12.700 Q 71.200