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6. Marc's Machine Shop owns a machine that cost $235,000 and has $115,000 of accumulated depreciation....
Diaz Company owns a milling machine that cost $126,200 and has accumulated depreciation of $91,400. Prepare...
Diaz Company owns a milling machine that cost $126,200 and has accumulated depreciation of $91,400. Prepare the entry to record the disposal of the milling machine on January 3 In 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. Dlaz sold the machine for $17.200 cash. 3. Dlaz sold the machine for $34.800 cash. 4. Dlaz sold the machine for $40,200...
Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery...
Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include: A debit to Cash of $42,000 A credit to Gain on Sale of $2,000 A debit to Accumulated Depreciation of $47,000 A credit to Machinery of $47,000 A credit to Accumulated Depreciation of $40,000
Diaz Company owns a machine that cost $126,200 and has accumulated depreciation of $92,500. Prepare the entry to...
Diaz Company owns a machine that cost $126,200 and has accumulated depreciation of $92,500. 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 $15,500 cash. 3. Diaz sold the machine for $33,700 cash. 4. Diaz sold the machine for $41,400 cash. View transaction list Journal entry...
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:...
Martinez owns an asset that cost $87,000 with accumulated depreciation of $40,000. The company sells the...
Martinez owns an asset that cost $87,000 with accumulated depreciation of $40,000. The company sells the equipment for cash of $42,000. At the time of sale, the company should record: A gain on sale of $5,000. A gain on sale of $2,000. A loss on sale of $2,000. A loss on sale of $45,000. A loss on sale of $5,000.
Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $94,000. Prepare the...
Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $94,000. 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 $16,000 cash. 3. Diaz sold the machine for $32,900 cash. 4. Diaz sold the machine for $41,000 cash. View transaction list Journal entry...
Caleb Co. owns a machine that had cost $49,600 with accumulated depreciation of $22,000. Caleb exchanges...
Caleb Co. owns a machine that had cost $49,600 with accumulated depreciation of $22,000. Caleb exchanges the machine for a newer model that has a market value of $59,000. 1. Record the exchange assuming Caleb paid $33,600 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $25,600 cash and the exchange has commercial substance View transaction list View journal entry worksheet No Transaction Credit General Journal Machinery (new) Accumulated depreciation—Machinery (old) Loss on exchange of...
Diaz Company owns a machine that cost $126,300 and has accumulated depreciation of $93,900. Prepare the...
Diaz Company owns a machine that cost $126,300 and has accumulated depreciation of $93,900. 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 $16,100 cash. 3. Diaz sold the machine for $32,400 cash. 4. Diaz sold the machine for $41,500 cash. View transaction list Journal entry...
Diaz Company owns a milling machine that cost $125,900 and has accumulated depreciation of $91,300. Prepare...
Diaz Company owns a milling machine that cost $125,900 and has accumulated depreciation of $91,300. 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 $15,700 cash. 3. Diaz sold the machine for $34,600 cash. 4. Diaz sold the machine for $40,600...
Gaston owns equipment that cost $28,000 with accumulated depreciation of $5,600. Gaston sells the equipment for...
Gaston owns equipment that cost $28,000 with accumulated depreciation of $5,600. Gaston sells the equipment for $20.200. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Debit Accumulated Depreciation $5,600 Credit Equipment $28,000 Debit Loss on Disposal of Equipment $2,200. Credit Gain on Disposal of Equipment $2.200 Debit Cash $20.200
Diaz Company owns a milling machine that cost $126,200 and has accumulated depreciation of $91,400. Prepare the entry to record the disposal of the milling machine on January 3 In 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. Dlaz sold the machine for $17.200 cash. 3. Dlaz sold the machine for $34.800 cash. 4. Dlaz sold the machine for $40,200...
Diaz Company owns a machine that cost $126,200 and has accumulated depreciation of $92,500. 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 $15,500 cash. 3. Diaz sold the machine for $33,700 cash. 4. Diaz sold the machine for $41,400 cash. View transaction list Journal entry...
Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $94,000. 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 $16,000 cash. 3. Diaz sold the machine for $32,900 cash. 4. Diaz sold the machine for $41,000 cash. View transaction list Journal entry...
Caleb Co. owns a machine that had cost $49,600 with accumulated depreciation of $22,000. Caleb exchanges the machine for a newer model that has a market value of $59,000. 1. Record the exchange assuming Caleb paid $33,600 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $25,600 cash and the exchange has commercial substance View transaction list View journal entry worksheet No Transaction Credit General Journal Machinery (new) Accumulated depreciation—Machinery (old) Loss on exchange of...
Diaz Company owns a machine that cost $126,300 and has accumulated depreciation of $93,900. 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 $16,100 cash. 3. Diaz sold the machine for $32,400 cash. 4. Diaz sold the machine for $41,500 cash. View transaction list Journal entry...
Diaz Company owns a milling machine that cost $125,900 and has accumulated depreciation of $91,300. 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 $15,700 cash. 3. Diaz sold the machine for $34,600 cash. 4. Diaz sold the machine for $40,600...
Gaston owns equipment that cost $28,000 with accumulated depreciation of $5,600. Gaston sells the equipment for $20.200. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Debit Accumulated Depreciation $5,600 Credit Equipment $28,000 Debit Loss on Disposal of Equipment $2,200. Credit Gain on Disposal of Equipment $2.200 Debit Cash $20.200
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