Diaz Company owns a machine that cost $126,200 and has accumulated depreciation of $90,400. 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 $16,600 cash. 3. Diaz sold the machine for $35,800 cash. 4. Diaz sold the machine for $40,100 cash. View transaction list Journal entry worksheet 1 2 Date January 01 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal
Diaz Company owns a machine that cost $126,200 and has accumulated depreciation of $90,400. 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 $16,600 cash. 3. Diaz sold the machine for $35,800 cash. 4. Diaz sold the machine for $40,100 cash. View transaction list Journal entry worksheet 1 2 Date January 01 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Diaz Company owns a machine that cost $126,200 and has accumulated depreciation of $90,400. 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 $16,600 cash.
3. Diaz sold the machine for $35,800 cash.
4. Diaz sold the machine for $40,100 cash.
View transaction list
Journal entry worksheet
1
2
Date
January 01
3
Record the disposal of the machine receiving nothing in return.
Note: Enter debits before credits.
Record entry
4
General Journal
Clear entry
Debit
Credit
View general journal
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