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 $32,000 61,200 Residual Value $3,200 3,100 Accumulated Depreciation Estimated Life (straight-line) 5 years $23,040 (4 years) 14 years 45,650 (11 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $9,500 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.) Journal entry worksheet 2 3 4 Record the current year depreciation for Machine A prior to disposal. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal