Diaz Company owns a machine that cost $126,200 and has accumulated depreciation of $90,900. Prepare the entry
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Question:
Diaz Company owns a machine that cost $126,200 and has accumulated depreciation of $90,900.
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 $16,200 cash.
3. Diaz sold the machine for $35,300 cash.
4. Diaz sold the machine for $41,700 cash.
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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