Sydney Company owns a milling machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare the

Question:

Sydney Company owns a milling machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations.
1. The machine needed extensive repairs, and it was not worth repairing. Sydney disposed of the machine, receiving nothing in return.
2. Sydney sold the machine for $35,000 cash.
3. Sydney sold the machine for $68,000 cash.
4. Sydney sold the machine for $80,000 cash.