Question

During the current year. Rayon Corporation disposed of two different assets. On January 1. prior to their disposal, the accounts reflected the following: Accumu Depreciation (straight-line) Original Residual Estimated Cost Value Life 8 years 6 years Asset $31,500 (5 years) Machine A $61,000 $10,600 2,000 Machine B 14.300 8,200 (4 years) The machines were disposed of in the following ways a. Machine A: Sold on January 2, for $33,600 cash. b. Machine B: On January 2, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost Required: 182. Give the journal entries related to the disposal of Machine A and Machine 8 on January 2 of 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 2 Record the current year depreciation for Machine A prior to disposal. Note: Enter debits before credits. Date General Journal Debit Credit January 02 NO Journa Entry Reou rec Rsoond enty Clear eny.