+ Hig-Lived Assets LO 9-5) During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine A Machine B Original Cost $78,200 22.000 Residual Value $4,800 2,400 Estimated Life 15 years 8 years Accumulated Depreciation (straight-line) $63,613 (13 years) 14,700 (6 years) Sok The machines were disposed of in the following ways. 3. Machine A Sold on January 2 for $22.000 cash. b. Machine B. On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). 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