Required information (The following information applies to the questions displayed below. During the current year, Merkley Company disposed three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Original Estimated Life Cost Asset Machine A Machine B Machine C $ 42,000 53,000 75, 200 Residual Value $ 3,000 4,000 6,700 12 years 8 years 17 years Accumulated Depreciation (straight line) $32,500 (10 years) 36,750 (6 years) 48,353 (12 years) The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $9,000 cash. b. Machine B: Sold on December 31 for $10,625; received cash, $2,300, and a $8,325 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. 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. Record the depreciation of Machine A. Note: Enter debits before credits. Transaction General Journal Debit Credit January 01 Record the disposal of Machine A. Note: Enter debits before credits. Transaction General Journal Debit Credit January 01 Record the depreciation of Machine B. Note: Enter debits before credits. Transaction General Journal Debit Credit December 31 Record the disposal of Machine B. Note: Enter debits before credits. Transaction General Journal Debit Credit December 31 Record the depreciation of Machine C. Note: Enter debits before credits. Transaction General Journal Debit Credit January 01 Record the disposal of Machine C. Note: Enter debits before credits. Transaction General Journal Debit Credit January 01