Question

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Check my work Diaz Company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. 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 $35,000 cash. 3. Diaz sold the machine for $68,000 cash. 4. Diaz sold the machine for $80,000 cash. View transaction list Journal entry worksheet Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. < Prey 11 of 12 !!! Next > ole # 6 arch

Answer 1

Event	General Journal				Debit	Credit
1)	Accumulated depreciation				182,000
	loss on disposal				68,000
	Milling machine					250,000
2)	cash				35,000
	Accumulated depreciation				182,000
	loss on disposal				33,000
	Milling machine					250,000
3)	cash				68,000
	Accumulated depreciation				182,000
	Milling machine					250,000
4)	cash				80,000
	Accumulated depreciation				182,000
	Gain on disposal					12,000
	Milling machine					250,000