Question Solved1 Answer Diaz Company owns a machine that cost $125,300 and has accumulated depreciation of $92,100. 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 $16,300 cash 3. Diaz sold the machine for $33,200 cash, 4. Diaz sold the machine for $41,900 cash View transaction list Journal entry worksheet 1 2 3 4 > Record the disposal of the machine recelving nothing in return. Note: Enter debits before credits Date General Journal Debit Credit January 01

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Transcribed Image Text: Diaz Company owns a machine that cost $125,300 and has accumulated depreciation of $92,100. 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 $16,300 cash 3. Diaz sold the machine for $33,200 cash, 4. Diaz sold the machine for $41,900 cash View transaction list Journal entry worksheet 1 2 3 4 > Record the disposal of the machine recelving nothing in return. Note: Enter debits before credits Date General Journal Debit Credit January 01
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Transcribed Image Text: Diaz Company owns a machine that cost $125,300 and has accumulated depreciation of $92,100. 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 $16,300 cash 3. Diaz sold the machine for $33,200 cash, 4. Diaz sold the machine for $41,900 cash View transaction list Journal entry worksheet 1 2 3 4 > Record the disposal of the machine recelving nothing in return. Note: Enter debits before credits Date General Journal Debit Credit January 01
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t tt tttAnswer: ttt  ttt  ttt  ttt  ttt  ttt  tt tt tttJournal entries: ttt  ttt  ttt  ttt  tttWorking notes ttt  tt tt tttDate tttGeneral Journal tttDebit tttCredit ttt  tttCost of machine ttt $  125,300 tt tt ttt1-Jan tttAccumulated depreciation - Machine ttt $  92,100 ttt  ttt  tttLess: Accumulated depreciation ttt $  (92,100) tt tt ttt  tttLoss on disposal of machine ttt $  33,200 ttt  ttt  tttBook value/loss on disposal ttt $    33,200 tt tt ttt  ttt    Machine ttt  ttt $  125,300 ttt  ttt  ttt  tt tt ttt  ttt  ttt  ttt  ttt  ttt  ttt  tt tt ttt1-Jan tttCash ttt $  16,300 ttt  ttt  tttWorking notes ttt  tt tt ttt  tttAccumulated depreciation -machine ttt $  92,100 ttt  ttt  tttCost of machine ttt $  125,300 tt tt ttt  tttLoss on sale of machine ttt $  16,900 ttt  ttt  tttLess: Accumulated depreciation ttt $  (92,100) tt tt ttt  ttt     Machine ttt  ttt $  125,300 ttt  tttBook value ttt $    33,200 tt tt ttt  ttt  ttt  ttt  ttt  tttLess: sales value ttt $  (16,300) tt tt ttt  ttt  ttt  ttt  ttt  tttLoss on sale ttt $    16,900 tt tt ttt  ttt  ttt  ttt  ttt  ttt  ttt  tt tt ttt1-Jan tttCash tt ... See the full answer