! Required information [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 $ 21,000 73,000 76,100 Residual Value $ 3,000 4,000 5,000 Estimated Life 12 years 8 years 18 years Accumulated Depreciation (straight line) $15,000 (10 years) 51,750 (6 years) 47,400 (12 years) The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $5,500 cash. b. Machine B: Sold on December 31 for $13,225; received cash, $2,300, and a $10,925 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. 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. Complete the following questions by preparing worksheet and journal entries given below. Required A Required B Required c 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.) View transaction list Journal entry worksheet Record the depreciation 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 required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the depreciation of Machine B. Note: Enter debits before credits. Transaction General Journal Debit Credit December 31 Record entry Clear entry View general journal Required A Required B Required C ............................................. 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.) View transaction list Journal entry worksheet Record the depreciation of Machine C. Note: Enter debits before credits. General Journal Debit Credit Transaction January 01 Record entry Clear entry View general journal