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
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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.
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
>
Transcribed Image Text: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. 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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