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Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $92,500. 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 $15,600 cash. 3. Diaz sold the 4. Diaz sold the machine for $32,900 cash. machine for $40,500 cash.

Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $92,500. 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 $15,600 cash. 3. Diaz sold the 4. Diaz sold the machine for $32,900 cash. machine for $40,500 cash.

FINANCIAL ACCOUNTING
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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20 Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $92,500. 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 $15,600 cash. 3. Diaz sold the machine for $32,900 cash. 4. Diaz sold the machine for $40,500 cash. View transaction list Journal entry worksheet < 1 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 >
Transcribed Image Text:20 Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $92,500. 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 $15,600 cash. 3. Diaz sold the machine for $32,900 cash. 4. Diaz sold the machine for $40,500 cash. View transaction list Journal entry worksheet < 1 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 >
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