Disposal of assets LO P2 Diaz Company owns a machine that cost $125,800 and has accumulated depreciation of $90,800

Accounting Dec 01, 2020

Disposal of assets LO P2 Diaz Company owns a machine that cost $125,800 and has accumulated depreciation of $90,800. 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 $17,500 cash. 3. Diaz sold the machine for $35.000 cash. 4. Diaz sold the machine for $41,100 cash. View transaction list
View transaction list Journal entry worksheet

Expert Solution

pfa

Download Solution Attachment (PDF/Doc)

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote