reflected the following:

$\backslash$table$[[,$Original,Residual,Estimated,Accumulated Depreciation$],[$Asset$,$Cost,Value,Life,$($straight$-$line$)],[$Machine A$,$$$76,700,$$$4,300,15$ years,$$62,747(13$ years$)],[$Machine B$,20,500,2,100,8$ years,$13,800(6$ years$)]]$

The machines were disposed of in the following ways:

a$.$ Machine A: Sold on January $2$ for $$20,500$ cash.

b$.$ Machine B: On January $2,$ this machine was scrapped with zero proceeds $($and zero cost of removal$).$

Required:

& $2.$ Prepare the journal entries related to the disposal of Machine A and B on the January $2$ of the current year. TIP: When no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

Machine A: Sold on January $2$ for $$20,500$ cash. Record the transaction.