PB9-2 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 Residual Estimated Depreciation (straight-line) Cost Value Life 7 years 5 years Asset $22.000 (4 years) Machine A $52,000 $13,500 2,900 7,980 (3 years) Machine B 16,200 The machines were disposed of in the following ways: a. b. Machine A: Sold on January 2, for $35,500 cash. Machine B: On January 2, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost Required: 1&2. Give 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