Diaz Company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. 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 return. 2. Diaz sold the machine for $35,000 cash. 3. Diaz sold the machine for $68,000 cash. 4. Diaz sold the machine for $80,000 cash. No 1 2 3 4 Date January 01 January 01 January 01 January 01 General Journal Accumulated depreciation-Machine Loss on disposal of machine Machine Accumulated depreciation-Machine Cash Loss on sale of machine Machine Accumulated depreciation-Machine Cash Gain on sale of machine Machine Accumulated depreciation-Machine Cash Gain on sale of machine Gain on disposal of machine Machine X X X Debit 182,000 68,000 182,000 35,000 33,000 182,000 68,000 12,000 X 182,000 80,000 170,000 X 1,000 X Credit 250,000 250,000 250,000 170,000

Diaz Company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. 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 return. 2. Diaz sold the machine for $35,000 cash. 3. Diaz sold the machine for $68,000 cash. 4. Diaz sold the machine for $80,000 cash. No 1 2 3 4 Date January 01 January 01 January 01 January 01 General Journal Accumulated depreciation-Machine Loss on disposal of machine Machine Accumulated depreciation-Machine Cash Loss on sale of machine Machine Accumulated depreciation-Machine Cash Gain on sale of machine Machine Accumulated depreciation-Machine Cash Gain on sale of machine Gain on disposal of machine Machine X X X Debit 182,000 68,000 182,000 35,000 33,000 182,000 68,000 12,000 X 182,000 80,000 170,000 X 1,000 X Credit 250,000 250,000 250,000 170,000

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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