Requirements 1. What is the age of each asset on July 1, 2015? 2. Prepare all journal entries related to the disposal of each of the assets in 2015 and 2016. 3. What is the total gain or loss from the disposal of these three assets? More info August 1 Sold Machine 2 for $230,000; received $50,000 cash, and an interest-bearing (9%) note receivable for the remainder, due on July 31, 2016. December 31 Sold Machine 1 for $51,000 cash. February 2, 2016 The engine of Machine 3 broke down and was determined irreparable. The insurance company agreed to compensation of $137,000 and sent a cheque for $27,000 and a note receivable for the remaining $110,000, due on February 28, 2016. Data table Cost Residual Value Useful Life Carrying Value Machine 1 EA $ 235,000 $ 4,600 7 $ 56,000 Machine 2 $ 520,000 $ 12,600 16 $ 340,000 Machine 3 $ 336,000 $ 8,600 13 $ 164,000 Austen Manufacturing Ltd. has three assets. Austen's year-end is June 30. The assets' costs, estimated residual value, useful life, and their carrying value on July 1, 2015 are listed in the following table: (Click icon to view the assets.) During 2015, Austen completed the following transactions related to asset retirement: i (Click the icon to view the transactions.) Requirements