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Diaz Company owns a milling machine that cost $125,500 and has accumulated depreciation of $93,900. Prepare the entry to record the disposal of the milling
Diaz Company owns a milling machine that cost $125,500 and has accumulated depreciation of $93,900. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations. |
1. | The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return. |
2. | Diaz sold the machine for $17,100 cash. |
3. | Diaz sold the machine for $31,600 cash. |
4. | Diaz sold the machine for $41,900 cash. |
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