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.).

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Alamar petroleum company offers its employees the option of contributing retirement funds up to 5% of their wages or salaries, with the contribution being matched by alamar. the company also pays 80% of medical and life insurance premiums. deductions relating to these plans and other payroll information for the first biweekly payroll period of february are listed as follows: wages and salaries $ 2,800,000 employee contribution to voluntary retirement plan 92,000 medical insurance premiums 50,000 life insurance premiums 9,800 federal income taxes to be withheld 480,000 local income taxes to be withheld 61,000 payroll taxes: federal unemployment tax rate 0.60 % state unemployment tax rate (after futa deduction) 5.40 % social security tax rate 6.20 % medicare tax rate 1.45 % required: prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the biweekly pay period. assume that no employee's cumulative wages exceed the relevant wage bases for social security, and that all employees' cumulative wages do exceed the relevant unemployment wage bases.