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Please help with the following. Thank you chegg expert Diaz Company owns a milling machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare
Please help with the following. Thank you chegg expert
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 View transaction list Journal entry worksheet Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal 2. Diaz sold the machine for $35,000 cash. View transaction list Journal entry worksheet Record the sale of the machine for $80,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal Step by Step Solution
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