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 $ 80,700 $ 6,700 15 years $ 64,133 (13 years) Machine B 24,500 2,900 8 years 16,200 (6 years) The machines were disposed of in the following ways: Machine A: Sold on January 2 for $24,500 cash. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). Required: 1. & 2.
Prepare the journal entries related to the disposal of Machine A and B 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.).

Requirement 1

Machine A

Cash $24,500 (debit)

Accumulated Depreciation $ 64,133 (debit)

Machine $80,700 (credit)

Profit on Sale of Machine $7,933 (credit)

Requirement 2

Machine B

Loss on Sale of Machine $9,300 (debit)

Accumulated Depreciation $ 16,200 (debit)

Machine $25,500 (credit)

Explanation:

For every sale of an Asset the following must happen :

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

answer; empowerment and collaboration;