Exercise 8-16 Disposal of assets LO P2Diaz Company owns a machine that cost $126,800 and has accumulated depreciation of $93.000. Prepare the entry to record thedisposal 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 $33,800 cash.4. Diaz sold the machine for $41,800 cash.View transaction listJournal entry worksheet123Record the disposal of the machine receiving nothing in return.Note: Enter debits before credits.DateGeneral JournalDebitCreditJan 01Record entryClear entryView general journal

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Description: Exercise 8-16 Disposal of assets LO P2Diaz Company owns a machine that cost $126,800 and has accumulated depreciation of $93.000. Prepare the entry to record thedisposal of the machine on January 1 in each seperate situation.1. The machine needed ex

ANSWER SITUATION 1 RECORD THE DISPOSAL OF MACHINE RECEIVING NOTHING IN RETURN ON JANUARY 01.…

Business

Accounting

Diaz Company owns a machine that cost $126,800 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 cold the machine for $17600 cash

Diaz Company owns a machine that cost $126,800 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 cold the machine for $17600 cash

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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