During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: points Original Coat $79,700 23.500 Residual Value $5,600 2.700 Estimated Lite 15 years years Accumulated Depreciation (straight-line) $64,220 (13 years) 15.600 (6 years) Machine A Machine The machines were disposed of in the following ways: References a Machine A Sold on January 2 for $23,500 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.)