Exercise 8-16 Disposal of assets LO P2

Diaz Company owns a milling machine that cost $126,700 and has accumulated depreciation of $94,300. 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 $15,700 cash.

3. Diaz sold the machine for $32,400 cash.

4. Diaz sold the machine for $40,600 cash.

Journal entry worksheet 2 3 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. General Journal Debit Credit Jan 03 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Record the sale of the machine for $15,700 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Record the sale of the machine for $32,400 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Record the sale of the machine for $40,600 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal