Diaz Company owns a milling machine that cost $126,300 and has accumulated depre

Question

Diaz Company owns a milling machine that cost $126,300 and has accumulated depreciation of $92,900. 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 $17,400 cash. 3. Diaz sold the machine for $33,400 cash. 4. Diaz sold the machine for $40,800 cash. View transaction list X: Record the disposal of the machine receiving nothing in return. 1 2 Record the sale of the machine for $17,400 cash. 3 Record the sale of the machine for $33,400 cash. 4 Record the sale of the machine for $40,800 cash Credit

Explanation / Answer

1) Journal entry :

2) Journal entry :

3) Journal entry :

4) Journal entry :

Date accounts & explanation debit credit Accumlated depreciation 92900 Loss on disposal of machine 33400      Milling machine 126300 (To record disposal of machine)

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