Exercise 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $125.900 and has accumulated depreciation of $90,400. Prepare the entry to record the disposal of the machine on January 1 in each seperate 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 $17,300 cash 3. Diaz sold the machine for $35,500 cash 4. Diaz sold the machine for $40,200 cash. View transaction list Journal entry worksheet