4. Diaz sold the machine for $41,400 cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer 4
Transcribed Image Text:Exercise 10-17 (Algo) Disposal of assets LO P2
Diaz Company owns a machine that cost $125,200 and has accumulated depreciation of $91,500. 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 $15,700 cash.
3. Diaz sold the machine for $33,700 cash.
4. Diaz sold the machine for $41,400 cash.
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