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(The following information applies to the questions displayed below, During the current year, Merkley Company...

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Accounting

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(The following information applies to the questions displayed below, During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to their disposal, the accounts reflected the following: Residual Value Estimated Life Accumulated Depreciation straight line) Original Asset Machine A Machine B Machine C Cost 27000 3,000 8 yeers 18,000 (6 years) 65,000 76,500 4,000 8 years 7,000 16 years 45,750 (6 years) 52,125 (12 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $8,500 cash b. Machine B: Sold on December 31 for $12,425; received cash, $2,000, and a $10,425 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost

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