Diaz Company owns a machine that cost $127,000 and has accumulated depreciation of $94,500. Prepare the...
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Diaz Company owns a machine that cost $127,000 and has accumulated depreciation of $94,500. Prepare the entry to record the disposal of the machine on January 1 in each separate 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 $15,500 cash. 3. Diaz sold the machine for $32,500 cash. 4. Diaz sold the machine for $40,900 cash. Diaz Company owns a machine that cost $127,000 and has accumulated depreciation of $94,500. Prepare the entry to record the disposal of the machine on January 1 in each separate 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 $15,500 cash. 3. Diaz sold the machine for $32,500 cash. 4. Diaz sold the machine for $40,900 cash.
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Posted Date:
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