Question
13. Diaz Company owns a milling machine that cost $125,300 and has accumulated depreciation of $94,700. Prepare the entry to record the disposal of the
| 13. Diaz Company owns a milling machine that cost $125,300 and has accumulated depreciation of $94,700. 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 $16,500 cash. |
| 3. | Diaz sold the machine for $30,600 cash. |
| 4. | Diaz sold the machine for $40,400 cash. Record the disposal of the machine receiving nothing in return. Record the sale of the machine for $16,500 cash. Record the sale of the machine for $30,600 cash. Record the sale of the machine for $40,400 cash. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started