Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Original Residual Estimated Asset Cost Value Life Machine $ 40,000 $ 4,700 5 years Accumulated Depreciation (straight-line) $ 28, 240 (4 years) Machine 76,200 5,400 12 years 53,100 (9 years The machines were disposed of in the following ways. a Machine A: Sold on January 1 for $12,000 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 Journal entry worksheet