accounting 121

Exercise 10-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $125,700 and has accumulated depreciation of $90,700. Prepare the entry to record the disposal of the machine on January 1 in each seperate 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 $15,500 cash. 3. Diaz sold the machine for $35,000 cash. 4. Diaz sold the machine for $40,400 cash. View transaction list Journal entry worksheet 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journalExercise 10-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $125,700 and has accumulated depreciation of $90,700. Prepare the entry to record the disposal of the machine on January 1 in each seperate 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 $15,500 cash. 3. Diaz sold the machine for $35,000 cash. 4. Diaz sold the machine for $40,400 cash. View transaction list Journal entry worksheet