Exercise 10-17 Disposal of assets P2 22 Diaz Company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. Pre- pare 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 $35,000 cash. 3. Diaz sold the machine for $68,000 cash. 4. Diaz sold the machine for $80,000 cash