Diaz Company owns a milling machine that cost $126,600 and has accumulated depreciation of $94,600. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations. 1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,000 cash. 3. Diaz sold the machine for $32,000 cash. 4. Diaz sold the machine for $41,800 cash.
Diaz Company owns a milling machine that cost $126,600 and has accumulated depreciation of $94,600. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations. 1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,000 cash. 3. Diaz sold the machine for $32,000 cash. 4. Diaz sold the machine for $41,800 cash.
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 32P
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answer in text form please (without image), Note: .Every entry should have narration please
![Diaz Company owns a milling machine that cost $126,600 and has accumulated depreciation of $94,600. Prepare the entry to record
the disposal of the milling machine on January 3 under each of the following independent situations.
1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
2. Diaz sold the machine for $16,000 cash.
3. Diaz sold the machine for $32,000 cash.
4. Diaz sold the machine for $41,800 cash.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb52e6da5-fe1a-4791-b3fd-001eaa657523%2F590efecf-b26b-4779-82c1-3dab56fd7421%2Fryz806_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Diaz Company owns a milling machine that cost $126,600 and has accumulated depreciation of $94,600. Prepare the entry to record
the disposal of the milling machine on January 3 under each of the following independent situations.
1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
2. Diaz sold the machine for $16,000 cash.
3. Diaz sold the machine for $32,000 cash.
4. Diaz sold the machine for $41,800 cash.
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