Please help with fields in yellow as well as the correct dollar amounts. Thanks.
ID: 2336539 • Letter: P
Question
Please help with fields in yellow as well as the correct dollar amounts. Thanks.
Exercise 8-16 Disposal of assets LO P2 Diaz Company owns a milling machine that cost $125,800 and has accumulated depreciation of $92,800. 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 $16,700 cash. 3. Diaz sold the machine for $33,000 cash 4. Diaz sold the machine for $41,800 cash View transaction list View journal entry worksheet No Date General Journal Debit Credit 1Jan 03 Accumulated amortization Accumulated amortization 2Jan 03 Accumulated amortization Accumulated amortization 3Jan 03 Accumulated amortization Accumulated amortization 4Jan 03 Accumulated amortization Accumulated amortizationExplanation / Answer
No Date General Journal Debit Credit 1 Jan 03 Loss on disposal of milling machine $33,000 Accumulated depreciation—Milling machine $92,800 Milling machine $125,800 2 Jan 03 Cash $16,700 Loss on disposal of milling machine $16,300 Accumulated depreciation—Milling machine $92,800 Milling machine $125,800 3 Jan 03 Cash $33,000 Accumulated depreciation—Milling machine $92,800 Milling machine $125,800 4 Jan 03 Cash $41,800 Accumulated depreciation—Milling machine $92,800 Gain on sale of milling machine $8,800 Milling machine $125,800
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