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. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $35,000 cash. Diaz sold the machine for $68,000 cash. Diaz sold the machine for $80,000 cash. Journal entry worksheet Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Journal entry worksheet Record the sale of the machine for $35,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Journal entry worksheet Record the sale of the machine for $68,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Journal entry worksheet Record the sale of the machine for $80,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01
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. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $35,000 cash. Diaz sold the machine for $68,000 cash. Diaz sold the machine for $80,000 cash. Journal entry worksheet Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Journal entry worksheet Record the sale of the machine for $35,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Journal entry worksheet Record the sale of the machine for $68,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Journal entry worksheet Record the sale of the machine for $80,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 7PA: Tree Lovers Inc. purchased 100 acres of woodland in which the company intends to harvest the...
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Question
Diaz Company owns a machine that cost $250,000 and has accumulated
- The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
- Diaz sold the machine for $35,000 cash.
- Diaz sold the machine for $68,000 cash.
- Diaz sold the machine for $80,000 cash.
- Record the disposal of the machine receiving nothing in return.
Note: Enter debits before credits.
|
|
Journal entry worksheet
- Record the sale of the machine for $35,000 cash.
Note: Enter debits before credits.
|
|
Journal entry worksheet
- Record the sale of the machine for $68,000 cash.
Note: Enter debits before credits.
|
|
Journal entry worksheet
- Record the sale of the machine for $80,000 cash.
Note: Enter debits before credits.
|
|
Expert Solution
Step 1
Journal entries are prepared to record the financial and non-financial transactions of the business and it has two sides debit and credit which should be always equal.
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