Hello, can somone let me know what I am missing? I cant figure it out (assuming what I have is correct) thank you. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,100. Prepare the entry to record thedisposal 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 $16,700 cash.3. Diaz sold the machine for $33,900 cash.4. Diaz sold the machine for $40,300 cash.View transaction letView journal entry worksheetNoDateGeneral JournalDebitCredit1January 01Accumulated depreciation-MachineMachine92,100126,0002January 01CashMachine16,700126,0003January 01CashMachine33,900126,0004January 01Cash40,300Machine126,000

Hello student! Answer the following situations, let us first discuss the book value of the asset.…

Answered: Diaz Company owns a machine that cost…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 32P

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