During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Original Residual Accumulated Depreciation Value Estimated Life (straight-line) Asset Machine A Machine B Cost $81,200 25,000 $63,960 (13 years) 16,500 (6 years) $7,400 15 years years 3,000 The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $25,000 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 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 A for $25,000 cash on January 2, 2014 Note: Enter debits before credits. Date General Journal Debit Credit Jan 02 Record entry Clear entry View general journal