VAI Exercise 10-17 (Algo) Disposal of assets LO P2Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $92,000. Prepare the entry to record thedisposal 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 $16,500 cash.3. Diaz sold the machine for $34,900 cash.4. Diaz sold the machine for $41,000 cash.View transaction listJournal entry worksheet2 3 41Record the disposal of the machine receiving nothing in return.Note: Enter debits before credits.Date:January 01General JournalDebitCredit

The Accumulated depreciation is the Depreciation charged till date. The book value of an asset is…

Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $92,000. 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 retur 2. Diaz sold the machine for $16,500 cash. 3. Diaz sold the machine for $34,900 cash. 4. Diaz sold the machine for $41,000 cash. View transaction list Journal entry worksheet 2 3 Date January 01 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. 4 General Journal Debit Credit

Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $92,000. 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 retur 2. Diaz sold the machine for $16,500 cash. 3. Diaz sold the machine for $34,900 cash. 4. Diaz sold the machine for $41,000 cash. View transaction list Journal entry worksheet 2 3 Date January 01 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. 4 General Journal Debit Credit

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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