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Question - Recording and Interpreting the Disposal of Long-Lived Assets - 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
$78,200
$4,8000
15 years
$63,613 (13 years)
Machine B
22,000
2,400
8 years
14,700 (6 years)
The machines were disposed of in the following ways:
a. Machine A: Sold on January 2 for $22,000 cash.
b. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal).
Required - Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal.
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