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 $26,450 68,800 Residual Value $ 2,700 3,550 Estimated Life 5 years 15 years Accumulated Depreciation (straight-line) $19,000 (4 years) 56,550 (13 years) The machines were disposed of in the following ways: a Machine A: This machine was sold on January 1, 2017, for $6,660 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: View transaction list Journal entry worksheet 1 2 > Record the depreciation expense in 2017. Note: Enter debits before credits. Transaction General Journal Debit Credit a. 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 View transaction list Journal entry worksheet Record the entry for disposal of Machine A. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Machine B - January 1, 2017: View transaction list 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 Machine B - January 1, 2017: View transaction list Journal entry worksheet Record the entry for disposal of Machine B. Note: Enter debits before credits. General Journal Debit Credit Transaction b. Record entry Clear entry View general journal