Exerclse 8-16 Disposal of assets LO P2 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 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. X Answer is not complete. No Date General Journal Debit Credit Jan 01 Accumulated depreciation-Machine 93,000 O 2 Jan 01 Loss on disposal of machine 33,800 X 3 Jan 01 Machine 126,800 X

Exerclse 8-16 Disposal of assets LO P2 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 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. X Answer is not complete. No Date General Journal Debit Credit Jan 01 Accumulated depreciation-Machine 93,000 O 2 Jan 01 Loss on disposal of machine 33,800 X 3 Jan 01 Machine 126,800 X

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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