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Exercise 8-17(Algo) Disposal of assets LO P2 Diaz Company owns a machine that...

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Accounting

Exercise 8-17(Algo) Disposal of assets LO P2
Diaz Company owns a machine that cost $126,200 and has accumulated depreciation of $94,000. Prepare the entry to record the disposal of the machine on January 1 in each separate 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 $17,300 cash.
Diaz sold the machine for $32,200 cash.
Diaz sold the machine for $41,700 cash.
Journal entry worksheet
1
2
3
4
fes
Record the disposal of the machine receiving nothing in return.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[January 01,Accumulated depreciation-Machine,2,,],[,Machine,,,],[,Gain on exchange of assets,,,],[,,,,],[,,,,],[,,,,]]
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