VAI Exercise 10-17 (Algo) Disposal of assets LO P2Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $92,000. 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 $16,500 cash.3. Diaz sold the machine for $34,900 cash.4. Diaz sold the machine for $41,000 cash.View transaction listJournal entry worksheet2 3 41Record the disposal of the machine receiving nothing in return.Note: Enter debits before credits.Date:January 01General JournalDebitCredit

The Accumulated depreciation is the Depreciation charged till date. The book value of an asset is…

Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $92,000. 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 retur 2. Diaz sold the machine for $16,500 cash. 3. Diaz sold the machine for $34,900 cash. 4. Diaz sold the machine for $41,000 cash. View transaction list Journal entry worksheet 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

Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $92,000. 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 retur 2. Diaz sold the machine for $16,500 cash. 3. Diaz sold the machine for $34,900 cash. 4. Diaz sold the machine for $41,000 cash. View transaction list Journal entry worksheet 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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 3MCQ: When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash...

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Diaz Company owns a machine that cost $126,600 and has accumulated depreciation of $94,200, 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 $17,400 cash. 3. Diaz sold the machine for $32,400 cash. 4. Diaz sold the machine for $40,400 cash.
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Problem 10-6A (Algo) Part 3 No Required information Problem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,000 cash and (b) it is sold for $88,000 cash. 1 Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 2 Date December 31 December 31 Cash > Answer is not complete. Cash General Journal Accumulated depreciation Machinery Loss on sale of machinery Machinery Accumulated depreciation-Machinery Machinery Gain on sale of machinery ›››› › › › › ✓ ✓ ✓…