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 Cost Value Estimated life Machine A (straight-line) $80,200 $6,100 15 years 564,220 ( 13 years) Machine 2,800 3 years 15,900 (6 years) The machines were disposed of in the following ways: a Machine A Sold on January 2 for $24,000 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 received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal (If no entry is requires for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list