Required information P8-6 (Algo) Recording and Interpreting the Disposal of Three Long-Lived Assets LO8-3, 8-5 (The following information applies to the questions displayed below.] During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Machine C Original Cost $ 33,000 49,000 76,100 Residual Value $ 3,000 4,000 5,400 Estimated Life 8 years 8 years 15 years Accumulated Depreciation (straight line) $22,500 (6 years) 33,750 (6 years) 56,560 (12 years) The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $10,200 cash. b. Machine B: Sold on December 31 for $10,325; received cash, $2,400, and a $7,925 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. P8-6 Part 1 Required: 1. Give all journal entries related to the disposal of each machine in the current year. a. Machine A. b. Machine B. c. Machine C. Required A Required B Required Give all journal entries related to the disposal of Machine A in the current year. (If no entry is requir journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the disposal of Machine A. Note: Enter debits before credits. General Journal Debit Credit Transaction January 01 Record entry Clear entry View general journal Required A Required B Required C Give all journal entries related to the disposal of Machine B in the current year. (If no entry is requir journal entry required" in the first account field.) View transaction list Journal entry worksheet