Ly Company disposed of two different assets. On January 1, prior to disposal of the assets, the accounts reflected the following: The machines were disposed of in the following ways: a Machine A: This machine was sold on January 1 for $6 , 920 cash. b. Machine B: On January 1 , this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Required: 1. Prepare the journal entries related to the disposal of each machine at the beginning of the current year. Transaction "a* relates to the recording of the depreciation, and transaction " b " relates to the recording of the disposal of the machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Machine A - Jan. 1: Note: Enter debits before credits. Machine B- January 1: Note: Enter debits before credits. 2. This part of the question is not part of your Connect assignment