Exercise 8-17 (Static) Disposal of assets LO P2 Diaz Company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. 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 $35,000 cash. 3. Diaz sold the machine for $68,000 cash. 4. Diaz sold the machine for $80,000 cash. Answer is not complete. No Date General Journal 1 January 01 Loss on disposal of machine 2 January 01 Accumulated depreciation-Machine Machine Cash Accumulated depreciation-Machine Machine Debit Credit 68,000 182,000 250,000 35,000 182,000