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) $63,007 (13 years) Original Residual Estimated Life Cost Value Asset achine A $77,200 $4,500 15 years 14,100 (6 years) Machine B 21,000 8 years 2,200 The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $21,000 cash b. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal) Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is received on disposal, the loss on disposal willl equal the book value of the asset at the time of disposal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet K 2 Record the disposal of Machine A for $21,000 cash on January 2, 2014. Note: Enter debits before credits. Date General Journal Debit Credit 21,000 Jan 02 Cash Record entry Clear entry View general journal Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the disposal of Machine B due to irreparable damage from an accident Note: Enter debits before credits. Date General Journal Credit Debit Jan 02 Record entry Clear entry View general journal