Diaz Company owns a machine that cost $126,300 and has accumulated depreciation of $91,700. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.Diaz sold the machine for $17,000 cash.Diaz sold the machine for $34,600 cash.Diaz sold the machine for $41,200 cash.Note: Enter debits before credits. DateGeneral JournalDebitCreditJan 01

Accumulated depreciation refers to the concept of compiling all the depreciation levied on the value…

Answered: The machine needed extensive repairs…

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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Diaz Company owns a machine that cost $126,300 and has accumulated depreciation of $91,700. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation.

The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
Diaz sold the machine for $17,000 cash.
Diaz sold the machine for $34,600 cash.
Diaz sold the machine for $41,200 cash.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Jan 01

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