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 Original Cost Residual Value Estimated Life (straight-line) $65,520 (13 years) 19,500 (6 years) Asset Machine A Machine B 15 years 8 years $86,200 30,000 $10,600 4,000 The machines were disposed of in the following ways a. Machine A: Sold on January 2 for $30,000 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 1 Record the disposal of Machine A for $30,000 cash on January 2, 2014. Note: Enter debits before credits. Date General Journal Debit Credit Jan 02 View general journal Record entry Clear entry 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 Credit General Journal Debit Jan 02 Clear entry View general journal Record entry