Diaz Company owns a machine that cost $125,000 and has accumulated depreciation of $90,900. 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 $16,000 cash. 3. Diaz sold the machine for $34,100 cash. 4. Diaz sold the machine for $40,100 cash. View transaction list Journal entry worksheet 3. 4. Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date 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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### Transcription for Educational Website

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**Title: Disposal of Assets - Accounting Exercise**

**Exercise 8-17 (Algo) Disposal of Assets LO P2**

Diaz Company owns a machine that cost $125,000 and has accumulated depreciation of $90,900. 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 $16,000 cash.  
3. Diaz sold the machine for $34,000 cash.  
4. Diaz sold the machine for $40,000 cash.

**View transaction list**

---

#### Journal Entry Worksheet

**Instructions:**
- Record the disposal of the machine receiving nothing in return.

(Note: Enter debits before credits.)

| Date | General Journal | Debit | Credit |
|------|----------------|-------|--------|
|      |                |       |        |

**Navigation:**
- Prev: 7 of 10
- Next

**Additional Information:**
- Temperature noted on the screen: 69°F
- Date observed on screen: 10/1/2021
- Device: HP Pavilion

---

(Note: The image includes a visual of a computer screen with a worksheet interface for accounting entries but does not contain graphical diagrams that require description.)
Transcribed Image Text:### Transcription for Educational Website --- **Title: Disposal of Assets - Accounting Exercise** **Exercise 8-17 (Algo) Disposal of Assets LO P2** Diaz Company owns a machine that cost $125,000 and has accumulated depreciation of $90,900. 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 $16,000 cash. 3. Diaz sold the machine for $34,000 cash. 4. Diaz sold the machine for $40,000 cash. **View transaction list** --- #### Journal Entry Worksheet **Instructions:** - Record the disposal of the machine receiving nothing in return. (Note: Enter debits before credits.) | Date | General Journal | Debit | Credit | |------|----------------|-------|--------| | | | | | **Navigation:** - Prev: 7 of 10 - Next **Additional Information:** - Temperature noted on the screen: 69°F - Date observed on screen: 10/1/2021 - Device: HP Pavilion --- (Note: The image includes a visual of a computer screen with a worksheet interface for accounting entries but does not contain graphical diagrams that require description.)
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