Diaz Company owns a machine that cost $126,100 and has accumulated depreciation of $93,500. 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 $17,400 cash. 3. Diaz sold the machine for $32,600 cash. 4. Diaz sold the machine for $40,200 cash.

Diaz Company owns a machine that cost $126,100 and has accumulated depreciation of $93,500. 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 $17,400 cash. 3. Diaz sold the machine for $32,600 cash. 4. Diaz sold the machine for $40,200 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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Diaz Company owns a machine that cost $126,500 and has accumulated depreciation of $93,400. 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 $16,200 cash. 3. Diaz sold the machine for $33,100 cash. 4. Diaz sold the machine for $40,100 cash. View transaction list Journal entry worksheet 1 2 3 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date January 01 General Journal Debit Credit
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