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Discuss journal entries related to the disposal of machine

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Reference no: EM131792118

During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following:

  Asset Original
Cost		 Residual
Value		 Estimated
Life		 Accumulated
Depreciation
(straight-line)
  Machine A $ 86,200   $ 10,600   15  years $ 65,520  (13 years)
  Machine B   30,000     4,000   8  years   19,500

 (6 years)

The machines were disposed of in the following ways:

a. Machine A: Sold on January 2 for $30000 cash.
b. Macj=hine B: On January 2, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost.

Required:

1.&2. Prepare the Journal entries related to the disposal of Machine A and B on January 2 of the current year

Reference no: EM131792118

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