Question
I'm in accounting 1 and have emailed my teacher and classmates and can't get any answer back on this could someone please help me. Exercise
I'm in accounting 1 and have emailed my teacher and classmates and can't get any answer back on this could someone please help me. Exercise 10-16 Disposal of assets LO P2
Diaz Company owns a milling machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations.
1. The machine needed extensive repairs, and it 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.
1Jan 03Accumulated depreciationMilling machineselected answer correct
182,000selected answer correct
not attempted
2Jan 03 Cash selected answer correct
35,000selected answer correct
not attempted
Accumulated depreciationMilling machineselected answer correct
182,000selected answer correct
not attempted
Loss on sale of milling machineselected answer correct
not attempted
not attempted
Milling machineselected answer correct
not attempted
250,000selected answer correct
3Jan 03Cashselected answer correct
68,000selected answer correct
not attempted
Accumulated depreciationMilling machineselected answer correct
182,000selected answer correct
not attempted
4Jan 03Cashselected answer correct
80,000selected answer correct
not attempted
Accumulated depreciationMilling machineselected answer correct
182,000
What am I missing and how to get the loss or gain
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