During 2017, Ly Company disposed of two different assets. On January 1, 2017, prior to disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Original Cost $36,400 69,200 Residual Value $ 4,000 4,200 Estimated Life 6 years 13 years Accumulated Depreciation (straight-line) $27,000 (5 years) 55,000 (11 years) The machines were disposed of in the following ways: a. Machine A: This machine was sold on January 1, 2017, for $8,350 cash. b. 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. Transaction a relates to the recording of the 2017 depreciation and transaction b 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: Journal entry worksheet Record the depreciation expense in 2017. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet Record the depreciation expense in 2017. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the entry for disposal of Machine B. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal