During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C Original Cost $ 21,000 50,000 85,000 Residual Value Estimated Life 8 years $ 3,000 4,000 10 years 5,000 15 years $ Accumulated Depreciation (straight line) 15,750 (7 years) 36,800 (8 years) 64,000 (12 years) The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $5,000 cash. b. Machine B: Sold on December 31 for $10,500; received cash, $2,500, and an $8,000 Interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered Irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries related to the disposal of each machine in the current year. a. Machine A. b. Machine B. c. Machine C. Complete the following questions by preparing worksheet and journal entries given below. Required A Required B Required C Give all journal entries related to the disposal of Machine A in the current year. (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 > A B Record the depreciation of Machine A. Note: Enter debits before credits. Transaction January 01 General Journal Debit Credit Record entry Clear entry View general journal During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Original Cost Residual Value Estimated Life Machine A Machine B Machine C $ 21,000 50,000 85,000 $ 3,000 8 years $ Accumulated Depreciation (straight line) 15,750 (7 years) 4,000 10 years 5,000 36,800 (8 years) 15 years 64,000 (12 years) The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $5,000 cash. b. Machine B: Sold on December 31 for $10,500; received cash, $2,500, and an $8,000 Interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries related to the disposal of each machine in the current year. a. Machine A. b. Machine B. c. Machine C. Complete the following questions by preparing worksheet and journal entries given below. Required A Required B Required C Give all journal entries related to the disposal of Machine A in the current year. (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 A B Record the disposal of Machine A. Note: Enter debits before credits. Transaction January 01 General Journal Debit Credit Record entry Clear entry View general journal