Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $92,500. 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 $16,300 cash. 3. Diaz sold the machine for $32,900 cash. 4. Diaz sold the machine for $40,400 cash. View transaction list Journal entry worksheet 1 3 4 > Record the sale of the machine for $40,400 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $92,500. 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 $16,300 cash.
3. Diaz sold the machine for $32,900 cash.
4. Diaz sold the machine for $40,400 cash.
View transaction list
Journal entry worksheet
3
Record the sale of the machine for $40,400 cash.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Jan 01
Record entry
Clear entry
View general journal
Transcribed Image Text:Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $92,500. 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 $16,300 cash. 3. Diaz sold the machine for $32,900 cash. 4. Diaz sold the machine for $40,400 cash. View transaction list Journal entry worksheet 3 Record the sale of the machine for $40,400 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education