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Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $126,700 and has accumulated depreciation of $91,300. Prepare the entry
Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $126,700 and has accumulated depreciation of $91,300. 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 $16,700 cash. 3. Diaz sold the machine for $35,400 cash. 4. Diaz sold the machine for $40,000 cash. View transaction list Journal entry worksheet 1 2 3. 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date January 01 General Journal Debit Credit
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