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 th disposal of the assets, the accounts reflected the following: The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $10,950 cash. b. Machine B: Sold on December 31 for $9,625; received cash, $2,300, and a $7,325 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. Give all journal entries related to the disposal of Machine A in the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Give all journal entries related to the disposal of Machine B in the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Complete the following questions by preparing worksheet and journal entries given below. Give all journal entries related to the disposal of Machine C in the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)