Question

Diaz Company owns a milling machine that cost $126,600 and hasaccumulated depreciation of $92,600. 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.

Record the disposal of the machine receiving nothing inreturn.

2. Diaz sold the machine for $17,500 cash.

Record the sale of the machine for $17,500 cash.

3. Diaz sold the machine for $34,000 cash.

Record the sale of the machine for $34,000 cash.

4. Diaz sold the machine for $40,900 cash.

Record the sale of the machine for $40,900 cash.

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