During 2017, Ly Company disposed of two different assets. On January 1 2017 prior to disposal of the assets, the accounts reflected the following: A Machine Original Cout 127,500 Esti Life Syar Acced preciation stricht-line 119,600 4 year 58,500 (13) 13.000 The machines were disposed of in the following ways: Machine A This machine was sold on January 1, 2017 for $7050 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 *o* 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 No Transaction General Journal Debit Credit 1 a No journal entry required > > 2 7.050 Cash Inventores 7.000 Machine B. January 1, 2017: No General Journal Debit Transaction a. Credit 1 No journal entry required 2 b. Accumulated depreciation, machine B Loss on disposal Equipment 58,500 12.700 71,200