PB9-2 (Algo) Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5] During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Original Asset Machine A Machine B Cost $56,000 15,700 Residual Value $13,000 2,650 Estimated Life 8 years 6 years Accumulated Depreciation (straight-line) $26,875 (5 years) 8,700 (4 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 2, for $35,000 cash. b. Machine B: On January 2, 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 Machine B on January 2 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 < 1 2 3 4 Record the current year depreciation for Machine A prior to disposal. Note: Enter debits before credits. Date January 02 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 3 4 Record the disposal of Machine A. Note: Enter debits before credits. Date January 02 General Journal Debit Credit Record entry Clear entry View general journal ournal entry worksheet 1 2 3 4 Record the current year depreciation for Machine B prior to disposal. Hote: Enter debits before credits. Date January 02 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet < 1 2 3 Record the disposal of Machine B. Note: Enter debits before credits. Date January 02 General Journal Debit Credit View general journal Record entry Clear entry