Diaz Company owns a machine that cost $125,500 and has accumulated depreciation of $93,000. 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 $17,500 cash. 3. Diaz sold the machine for $32,500 cash. 4. Diaz sold the machine for $41,600 cash. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 01 Cash Accumulated depreciation-Machine 93,000 Loss on disposal of machine 32,500 Machine 17,500

Diaz Company owns a machine that cost $125,500 and has accumulated depreciation of $93,000. 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 $17,500 cash. 3. Diaz sold the machine for $32,500 cash. 4. Diaz sold the machine for $41,600 cash. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 01 Cash Accumulated depreciation-Machine 93,000 Loss on disposal of machine 32,500 Machine 17,500

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 44E: Cost of a Fixed Asset Colson Photography Service purchased a new digital imaging machine on April 15...

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Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $125,700 and has accumulated depreciation of $90,800. 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 $16,100 cash.3. Diaz sold the machine for $34,900 cash.4. Diaz sold the machine for $41,700 cash.
Exerclse 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126,800 and has accumulated depreciation of $93,000. 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 $17,500 cash. 3. Diaz sold the machine for $33,800 cash. 4. Diaz sold the machine for $41,800 cash. X Answer is not complete. No Date General Journal Debit Credit Jan 01 Accumulated depreciation-Machine 93,000 O Jan 01 Cash 17,500 Accumulated depreciation-Machine 93.000 Loss on sale of machine 16,300 Machine 126.800 O 3 Jan 01 Cash 33,800 O Accumulated depreciation-Machine 93.000 4 Jan 01 Machine 126,800 X
Cost of a Fixed Asset Colson Photography Service purchased a new digital imaging machine on April 15 for $11,200. During installation Colson incurred and paid in cash the following costs: Colson also paid $160 to replace a bracket on the digital imager that was damaged when one of Colsons employees dropped a box on it while it was being installed. Required: 1. Determine the cost of the digital imaging machine. 2. CONCEPTUAL CONNECTION Explain why you included or excluded the $160 bracket replacement cost.
7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying value of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? A Dr Accumulated depreciation $35,000 Dr Loss on disposal (SPL) $15,000 Dr Cash $50,000 Cr Non-current assets – cost $100,000 B Dr Accumulated depreciation $65,000 Dr Loss on disposal (SPL) $35,000 Cr Non-current assets – cost $100,000 C Dr Accumulated depreciation $35,000 Dr Cash $50,000 Cr Non-current assets $65,000 Cr Profit on disposal (SPL) $20,000 D Dr Non-current assets $65,000 Dr Accumulated depreciation $35,000 Cr Cash $50,000 Cr Profit on disposal (SPL) $50,000
TB MC Qu. 10-170 Mohr Company purchases a machine at the... Mohr Company purchases a machine at the beginning of the year at a cost of $24,000. The machine is depreciated using the double-declining-balance method. The machine's useful life is estimated to be 5 years with a $4,000 salvage value. Depreciation expense in year 2 is: Multiple Cholce $4,800. $8.000. $9,600. $5,760. $14,400.
7- Chapter 9 i Ly Company disposed of two different assets. On January 1, prior to disposal of the assets, the accounts reflected the following: Accumulated Depreciation (straight-line) $19,200 (4 years) 57,200 (13 years) Asset Machine A Machine B Original Cost $26,800 69,600 View transaction list No Residual Value $ 2,800 3,600 Estimated Life 5 years 15 years The machines were disposed of in the following ways: a. Machine A: This machine was sold on January 1 for $6,790 cash. b. Machine B: On January 1, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Required: 1. Prepare the journal entries related to the disposal of each machine at the beginning of the current year. Transaction "a" relates to the recording of the depreciation, and transaction "b" relates to the recording of the disposal of the machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)…
ook int ences Problem 6-28A (Algo) Revision of estimated useful life of tangible assets LO 6-6 Banger Company purchased delivery equipment for $45,000 on January 1, Year 1. Banger estimated that the delivery equipment would have a life of five years and a $3,000 salvage value. Banger uses the straight-line method to compute the depreciation expense. At the beginning of year 4, Banger revised the useful life of the delivery equipment to be a total of seven years. The estimated salvage value was not changed. Compute the depreciation expense for each of the seven years. Years Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Depreciation Expense $ $ $ 8,400 8,400 8,400
Exercise 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126,800 and has accumulated depreciation of $93.000. 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 $17,500 cash. 3. Diaz sold the machine for $33,800 cash. 4. Diaz sold the machine for $41,800 cash. View transaction list Journal entry worksheet 1 2 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal
A company discarded a computer system originally purchased for $8,850. The accumulated depreciation was $6,350. The company should recognize a (an): Multiple Choice $0 gain or loss. $2,500 loss. $2,500 gain. $8.850 gain. $6,350 loss Prey 4 of 10 Next > ype here to search 96%
TB MC Qu. 08-176 Martin Company purchases a machine a... Martin Company purchases a machine at the beginning of the year at a cost of $60,000. The machine is depreciated using the double-declining-balance method. The machine's useful life is estimated to be 4 years with a $5,000 salvage value. The machine's book value at the end of year 3 is:
Exercise 10-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $91,300. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $17,000 cash. Diaz sold the machine for $35,600 cash. Diaz sold the machine for $40,100 cash.
TB MC Qu. 08-173 Martin Company purchases a machine... Martin Company purchases a machine at the beginning of the year at a cost of $60,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 4 years with a $5,000 salvage value. Depreciation expense in year 4 is: