Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $125,300 and has accumulated depreciation of $94,200. 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 $17,200 cash. 3. Diaz sold the machine for $31,100 cash. 4. Diaz sold the machine for $41,800 cash. View transaction list Journal entry worksheet < 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Accumulated depletion 94,200 Loss on disposal of machine 31,100 Machine 125,300