Ly 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 $43,000 79, 200 79,200 Residual Value $5,000 5 , 400 Accumulated Depreciation Estimated Life (straight-line) 5 years $30, 400 (4 years) 12 years 55, 350 (9 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $13,500 cash. b. Machine B: On January 1, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). Required: 1. & 2. Prepare the journal entries 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.) Answer is complete but not entirely correct. No General Journal Debit Credit Date January 01 No Journal Entry Required January 01 30,400 13,500 Accumulated Depreciation-Equipment Cash Sales Revenue Sales Revenue 43,000 900 January 01 No Journal Entry Required January 01 Accumulated Depreciation-Equipment Loss on Disposal Sales Revenue 55,350 23,850 79,200