Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $93,300. Prepare the entry to record the disposal of the machine on January 1 in each separate 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 $15,700 cash. 3. Diaz sold the machine for $33,600 cash. 4. Diaz sold the machine for $40,600 cash.
Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $93,300. Prepare the entry to record the disposal of the machine on January 1 in each separate 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 $15,700 cash. 3. Diaz sold the machine for $33,600 cash. 4. Diaz sold the machine for $40,600 cash.
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 3BCRQ
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Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $93,300. Prepare the entry to record the
disposal of the machine on January 1 in each separate 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 $15,700 cash.
3. Diaz sold the machine for $33,600 cash.
4. Diaz sold the machine for $40,600 cash.
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Journal entry worksheet
2
3
4
Record the disposal of the machine receiving nothing in return.
Note: Enter debits before credits.
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT