Baghiben During the current year, Fortini Company disposed of three different assets. The company's accounts reflected the following onJanuary 1 of the current years, prior to the disposal of the assets:AssetMachine AMachine BMachine COriginalCost$21,00050,00075,000No1ResidualValueDateJan. 1$3,0004,0003,000EstimatedLifeThe machines were disposed of in the following ways:a. Machine A: Sold on January 1 of the current year for $5,000 cash.b. Machine B. Sold on April 1 for $10,500; received cash, $2,500, and a note receivable for $8,000, due on March 31 of the followingyear, plus 6 percent interest.c. Machine C. Suffered irreparable damage from an accident on July 2. On July 10, a salvage company removed the machine at nocost. The machine was insured, and $18,000 cash was collected from the insurance company.18 years10 years12 yearsRequired:1. Prepare all journal entries related to the disposal of each machine in the current year. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field. Round the final answer to nearest whole dollar.)Accumulated Depreciation(straight line)$15,750 (7 years)36,800 (8 years)60,000 (10 years)Answer is not complete.General JournalCashAccumulated depreciation, machine AEquipment-Machine AGain on disposal of machineXDebitCredit

Journal refers to a chronological record of financial transactions of a business. This is where…

Required: 1. Prepare all journal entries related to the disposal of each machine in the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round the final answer to nearest whole dollar.) No 1 Date Jan. 1 Answer is not complete. General Journal Cash Accumulated depreciation, machine A Equipment-Machine A Gain on disposal of machine 0000 Debit Credit