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Exercise 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $90,700. Prepare the entry to record the disposal of the machine on January 1 in each seperate 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 $16,800 cash. 3. Diaz sold the machine for $35,300 cash. 4. Diaz sold the machine for $40,200 cash. View transaction list Journal entry worksheet