8 Exercise 8-16 Disposal of assets LO P2 1.11 points Diaz Company owns a machine that cost $125,100 and has accumulated depreciation of $91,900. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 8 03:19:24 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 $16,700 cash. 3. Diaz sold the machine for $33.200 cash. 4. Diaz sold the machine for $40.700 cash. eBook View transaction list Hint X Print 1 Record the disposal of the machine receiving nothing in return. References 2 Record the sale of the machine for $15,700 cash. 3 Record the sale of the machine for $33,200 cash. Record the sale of the machine for $40,700 cash. 4 Credit Note : = journal entry has been entered Record entry Clear entry View general journal 9 Exercise 8-19 Amortization of Intangible assets LO P4 1.12 points Milano Gallery purchases the copyright on a painting for $480.000 on January 1. The copyright is good for 12 more years. The company plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31. 8 03:19:10 View transaction list eBook X Hint 1 > Record the purchase of the copyright on a painting for $480,000 cash. Print 2 Record the year-end adjusting entry for the amortization expense of the copyright. References Credit Note : = journal entry has been entered Record entry Clear entry View general journal