Diaz Company owns a machine that cost $125,000 and has accumulated depreciation of $94,100. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $15,800 cash. 3. Diaz sold the machine for $30,900 cash. 4. Diaz sold the machine for $41,000 cash.

Diaz Company owns a machine that cost $125,000 and has accumulated depreciation of $94,100. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $15,800 cash. 3. Diaz sold the machine for $30,900 cash. 4. Diaz sold the machine for $41,000 cash.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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