Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Diaz Company owns a milling machine that cost $126,800 and has accumulated depreciation of $90,900. Prepare the entry to record the disposal of the milling

Diaz Company owns a milling machine that cost $126,800 and has accumulated depreciation of $90,900. 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 $16,100 cash.
3. Diaz sold the machine for $35,900 cash.
4.

Diaz sold the machine for $41,200 cash.

Record the disposal of the machine receiving nothing in return

Record the sale of the machine for $16,100 cash

Record the sale of the machine for $35,900 cash.

Record the sale of the machine for $41,200 cash.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Excel For Auditors

Authors: Bill Jelen, Dwayne K. Dowell

1st Edition

ISBN: 1932802169, 978-1932802160

More Books

Students also viewed these Accounting questions

Question

c. What groups were least represented? Why do you think this is so?

Answered: 1 week ago

Question

7. Describe phases of multicultural identity development.

Answered: 1 week ago