Ly Company disposed of two different assets. On January 1, prior to disposal of the assets, the accounts reflected the following: 5 Asset Machine A Machine B Original Cost $24,000 59,200 Residual Value $ 2,000 3,200 Estimated Life 5 years 14 years Accumulated Depreciation (straight-line) $17,600 (4 years) 48,000 (12 years) 7/8 points awarded Scored The machines were disposed of in the following ways: a. Machine A: This machine was sold on January 1 for $5,750 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. eBook 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.) Print Machine A - Jan. 1: References No Transaction General Journal Debit Credit 1 a x 17,600 Depreciation expense Accumulated depreciation, machine A 17,600 2 b. Accumulated depreciation, machine A Cash oooo 17,600 5.750 650 Loss on disposal Machine A *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 24.000 Machine B - January 1: No Transaction General Journal Credit Debit 4000 1 a Depreciation expense Accumulated depreciation, machine B 4,000 48,000 2 b Accumulated depreciation, machine B Loss on disposal Machine B *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. OOO 11,200 59.200