actg question

Milano Gallery purchases the copyright on a painting for $390,000 on January 1. The copyright is good for 10 more years. The company plans to sell prints for1'3 years. Prepare entries to record the purchase of the copyright on January1 and its annual amortization on December 31. View transaction list Journal entry!r worksheet Record the purchase of the copyright on a painting for $390,000 cash. Note: Enter debits before credits. Diaz Company owns a machine that cost $126,700 and has accumulated depreciation of $92,200. 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 $16,700 cash. 3. Diaz sold the machine for $34,500 cash. 4. Diaz sold the machine for $40,300 cash. View transaction list Journal entry worksheet 2 3 4 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 journal