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 $42,000 78,200 Estimated Life Accumulated Depreciation Residual Value $4,900 5 years 5,600 15 years (straight-line). $29,680 (4 years) $58,080 (12 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $13,000 cash. b. Machine B: On January 1, this machine was scrapped with 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. eds (and 2 Machine A: Sold on January 1 for $13,000 cash. Record the transaction. 3 Record the current year depreciation for Machine B prior to disposal. bit Credit 4 Machine B: On January 1, this machine was scrapped with zero proceeds (and zero cost of removal). Record the transaction.