Diaz Company owns a machine that cost $126,500 and has accumulated depreciation of $94,700. 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 $15,700 cash. 3. Diaz sold the machine for $31,800 cash. 4. Diaz sold the machine for $41,700 cash.