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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 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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