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Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $94,200. Prepare the entry to record the disposal of the machine on
Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $94,200. 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 $15,800 cash.
3. Diaz sold the machine for $31,200 cash.
4. Diaz sold the machine for $41,600 cash.
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