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 Estimated Cost Value Life Asset Machine A Machine B Accumulated Depreciation (straight-line) $ 64,133 (13 years) $ 80,700 $ 6,700 15 years 24,500 2,900 8 years 16,200 (6 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $24,500 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 Journal entry worksheet Record the disposal of Machine A for $24,500 cash on January 2, 2014. Note: Enter debits before credits. General Journal Debit Credit Date Jan 02