Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $93,600. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, recelving nothing in return. Diaz sold the machine for $16,200 cash. Diaz sold the machine for $33,300cash. Diaz sold the machine for $41,700 cash. No Date General Journal Debit Credit 1 January 01 Accumulated depreciation-Machine 90,200 Loss on disposal of machine 35,800 Gain on sale of machine 5,000 Machine 126,000