Prepare the entry to record the disposal of the machine on January 1 in each separate situation.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Exercise 8-17 (Algo) Disposal of assets LO P2

Diaz Company owns a machine that cost $125,700 and has accumulated depreciation of $90,800. 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 $16,100 cash.
3. Diaz sold the machine for $34,900 cash.
4. Diaz sold the machine for $41,700 cash.

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