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help me please Journal entry worksheet Machine A: Sold on January 2 for $28,500 cash. Record the transaction. Note: Enter debits before credits. Journal entry
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Journal entry worksheet Machine A: Sold on January 2 for $28,500 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). Record the transaction. Note: Enter debits before credits. During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $28,500 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 B on the January 2 of the current year. TIP: When no cash is recelved 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.) Step by Step Solution
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