Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $126,300 and has accumulated depreciation of $92,300. Prepare 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 $15,500 cash. 3. Diaz sold the machine for $34,000 cash. 4. Diaz sold the machine for $40,100 cash. \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline & 1 & January 01 & Accumulated depreciation - Machine & & \\ \hline & & & Loss on disposal of machine & & \\ \hline & & & Machine & & \\ \hline \multirow[t]{4}{*}{} & 2 & January 01 & Cash & & \\ \hline & & & Accumulated depreciation-Machine & & \\ \hline & & & Gain on disposal of machine & & \\ \hline & & & Machine & & \\ \hline \multirow[t]{4}{*}{7} & 3 & January 01 & Cash & & \\ \hline & & & Accumulated depreciation-Machine & & \\ \hline & & & Machine & & \\ \hline & & & & & \\ \hline & 4 & January 01 & Cash & & \\ \hline & & & Accumulated depreciation-Machine & & \\ \hline & & & Gain on sale of machine & & \\ \hline & & & Machine & & \\ \hline \end{tabular}