Ly Company disposed of two different assets. On January 1, prior to disposal of the assets, the accounts reflected the following: Asset Accumulated Depreciation (straight-line) Original Cost Machine A $27,150 Machine B 70,400 Residual Value $2,900 3,650 Estimated Life 5 years 15 years $19,400 (4 years) 57,850 (13 years) The machines were disposed of in the following ways: a Machine A: This machine was sold on January 1 for $6,920 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. Prepare the journal entries related to the disposal of each machine at the beginning of the current year. Transaction "a" relates to the recording of the depreciation, and transaction "b" relates to the recording of the disposal of the machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Machine A - Jan. 1: View transaction list Journal entry worksheet 1 2 Record the entry for depreciation expense. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal Machine B-January 1: View transaction list Journal entry worksheet 1 2 Record the entry for depreciation expense. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 2. This part of the question is not part of your Connect assignment