Question: Please answer all the problems!! Thank you so much!! Exercise 10-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $125,400
Please answer all the problems!! Thank you so much!!


Exercise 10-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $93,900. 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 $16,400 cash. 3. Diaz sold the machine for $31,500 cash. 4. Diaz sold the machine for $40,300 cash. Journal entry worksheet Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Exercise 1019 (Algo) Depletion of natural resources LO P3 Montana Mining Company pays $4,025,600 for an ore deposit containing 1,474,000 tons. The company installs machinery in the mine costing $249,100. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 170,500 tons of during the year. Prepare the December 31 year-end entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round your final answers to the nearest whole number.) Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
