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Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $126,100 and has accumulated depreciation of $92,300. 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 $16,200 cash. 3. Diaz sold the machine for $33,800 cash. 4. Dlaz sold the machine for $40,800 cash. Date No 1 Credit January 01 Answer is complete but not entirely correct. General Journal Debit Accumulated depreciation Machine 92,600X Loss on disposal of machine 34,000 X Machine 126,600 X 2 January 01 Cash Accumulated depreciation Machine Loss on sale of machine Machine 3 ss 17,500X 92,600X 16,500X 126,600X January 01 Cash Accumulated depreciation-Machine Machine 34,000X 92,600X 126,600X 4 January 01 Cash Accumulated depreciation Machine Gain on sale of machine Machine 3 40.900X 92,600X 6,900X 126,600X SO