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 their disposal, the accounts reflected the following: Accumulated Original Residual Estimated Depreclatiorn (straight line) Asset Machine A 30,000 Machine B41,000 Machine C 76,000 Cost Value Life 3,000 10 years $21,600 (8 years) 4,000 10 years 29,600 (8 years) 5,700 18 years 46,867 (12 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $7,900 cash. b. Machine B: Sold on December 31 for $8,400; received cash, $2,400, and a $6,000 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. value: 10.00 points Required 1. Give all journal entries related to the disposal of each machine in the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Machine A. View transaction list Journal entry worksheet Record the disposal of Machine A. Note: Enter debits before credits nsacti General Journal Debit Credit Record entry Clear entry View general journal b. Machine B. view transaction list Journal entry worksheet Record the depreciation of Machine B. Note: Enter debits before credits. Transactioh General Journal Credit Record entry Clear entry View general journal c. Machine C. View transaction list Journal entry worksheet Record the disposal of Machine C Note: Enter debits before credits. Credit Record entry Clear entry view general journal value: 10.00 points 2. Explain the accounting rationale for the way that you recorded each disposal. Machine A: Disposal of a long-lived asset with the price below net book value results in a Machine B: Disposal of a long-lived asset with the price above net book value results in a Machine C: Disposal of a long-lived asset due to damage results in a remaining book value