Diaz Company owns a machine that cost $125,500 and has accumulated depreciation of $93,000. Prepare the entry to record the disposal of the machine on January 1 in each seperate 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 $17,500 cash. 3. Diaz sold the machine for $32,500 cash. 4. Diaz sold the machine for $41,600 cash. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 01 Cash Accumulated depreciation-Machine 93,000 Loss on disposal of machine 32,500 Machine 17,500

Diaz Company owns a machine that cost $125,500 and has accumulated depreciation of $93,000. Prepare the entry to record the disposal of the machine on January 1 in each seperate 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 $17,500 cash. 3. Diaz sold the machine for $32,500 cash. 4. Diaz sold the machine for $41,600 cash. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 01 Cash Accumulated depreciation-Machine 93,000 Loss on disposal of machine 32,500 Machine 17,500

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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Exercise 8-16 Disposal of assets LO P2
Diaz Company owns a machine that cost $125,500 and has accumulated depreciation of $93,000. Prepare the entry to record the
disposal of the machine on January 1 in each seperate 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 $17,500 cash.
3. Diaz sold the machine for $32,500 cash.
4. Diaz sold the machine for $41,600 cash.
rint
View transaction list
View journal entry worksheet
(X)
No
Date
General Journal
Debit
Credit
1
Jan 01
Cash
Accumulated depreciation-Machine
93,000
Loss on disposal of machine
32,500
Machine
17,500

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