Exercise 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $125,500 and has accumulated depreciation of $91,500. 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. Dlaz sold the machine for $17,300 cash. 3. Dlaz sold the machine for $34,000 cash. 4. Dlaz sold the machine for $41700 cash. View transaction list Journal entry worksheet Record the disposal of the machine receiving nothing in return NO debts before credits General Journal Date Jan 01 Debit Credit View transaction list Journal entry worksheet