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Diaz Company owns a milling machine that cost $125,200 and has accumulated depreciation of $91,900. Prepare the entry to record the disposal of the milling
Diaz Company owns a milling machine that cost $125,200 and has accumulated depreciation of $91,900. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations.
- The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
- Diaz sold the machine for $17,200 cash.
- Diaz sold the machine for $33,300 cash.
- Diaz sold the machine for $41,000 cash.
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