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iaz Company owns a milling machine that cost $125,400 and has accumulated depreciation of $93,000. Prepare...

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Accounting

iaz Company owns a milling machine that cost $125,400 and hasaccumulated depreciation of $93,000. Prepare the entry to recordthe disposal of the milling machine on January 3 under each of thefollowing independent situations.

  1. The machine needed extensive repairs, and it was not worthrepairing. Diaz disposed of the machine, receiving nothing inreturn.
  2. Diaz sold the machine for $17,300 cash.
  3. Diaz sold the machine for $32,400 cash.
  4. Diaz sold the machine for $40,400 cash

Answer & Explanation Solved by verified expert
3.7 Ratings (293 Votes)
Journal entry for situation 1 The machine needed extensive repairs and it was not worth repairing Diaz disposed of the machine receiving nothing in return Accounts Dr Cr    See Answer
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