Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: set Machine A Machines Original Cost $36,000 68,200 Residual Value $3,900 4,500 Estimated Life 5 years 14 years Accumulated Depreciation (straight-line) $25,680 (4 years) $50,050 (11 years) The machines were disposed of in the following ways: a. Machine A Sold on January 1 for $10,800 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 X: EX: Record the current year depreciation for Machine A prior to disposal. 2 Machine A: Sold on January 1 for $10,800 cash. Record the transaction. 3 Record the current year depreciation for Machine B prior to disposal. 4 Machine B: On January 1, this machine was scrapped with zero proceeds (and zero cost of removal). Record the transaction. Note: = journal entry has been entered