PA9-2 Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5) Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Estimated Life Accumulated Depreciation (straight-line) $22,800 (4 years) 48,720 ( 12 years) Original Residual Cost Value $32,000 $3,500 64,200 3,300 Asset Machine A Machine B 5 years 15 years The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $9.900 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.) & 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 Record the current year depreciation for Machine A prior to disposal. Note: Enter debits before credits. General Journal Debit Credit Date January 02