During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight-line) Machine A $68,000 $11,900 6 years $28,050 (3 years) Machine B 15,000 2,300 4 years 6,350 (2 years) The machines were disposed of in the following ways: Machine A: Sold on January 2, for $42,600 cash. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). Required: 1.&2. Prepare the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine A Machine B Original Cost $68,000 15,000 Residual Value $11,900 2,300 Estimated Life 6 years 4 years Accumulated Depreciation (straight-line) $28,050 (3 years) 6,350 (2 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 2, for $42,600 cash. b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). Required: 1.&2. Prepare the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date Debit Credit General Journal No Journal Entry Required 1 January 02