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Diaz Company owns a milling machine that cost $126,700 and has accumulated depreciation of $92,300. Prepare...

Diaz Company owns a milling machine that cost $126,700 and has accumulated depreciation of $92,300. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $15,700 cash. Diaz sold the machine for $34,400 cash. Diaz sold the machine for $40,600 cash.

Do the following:

  • Record the disposal of the machine receiving nothing in return.
  • Record the sale of the machine for $15,700 cash.
  • Record the sale of the machine for $34,400 cash.
  • Record the sale of the machine for $40,600 cash.
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