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 $31,000 60,200 Residual value $3,100 3,500 Estimated Life 6 years 15 years Accumulated Depreciation (straight-line) $23, 250 (5 years) 45,360 (12 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $8,700 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.) View transaction list 1 Record the current year depreciation for Machine A prior to disposal. 2 Machine A: Sold on January 1 for $8,700 cash. Record the transaction. 3 Record the current year depreciation for Machine B prior to disposal. Credit Machine B: On January 1, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Record the transaction