Journal requires 4 entries

1) Record current year depreciation for machine A prior to disposal. 2) Machine A Sold on Jan 1. for 9500 cash. 3) Record current year depreciation for machine B prior to disposal. 4) On Jan 1, this machine suffered irrepairable damage from an accident and was removed immediately by a salvage company at no cost. Record the transaction.

Thanks for the help!

Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Accumulated Depreciation (straight-line) Original Residual Value $3,200 3,100 Estimated Life 5 years 14 years Asset Cost $23,040 (4 years) Machine A $32,000 Machine B 61,200 45,650 (11 years) The machines were disposed of in the following ways a. Machine A: Sold on January 1 for $9,500 cash b. Machine B: On January 1, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Required 1. & 2. Prepare the journal entry related to the disposal of Machine A and B at the beginning of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)