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Diaz Company owns a milling machine that cost $125,100 and has accumulated depreciation of $92,900. Prepare...

Diaz Company owns a milling machine that cost $125,100 and has accumulated depreciation of $92,900. Prepare the entry to record the disposal of the milling machine on January 3 in each of the following independent situations.

  1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
  2. Diaz sold the machine for $15,600 cash.
  3. Diaz sold the machine for $32,200 cash.
  4. Diaz sold the machine for $41,200 cash.
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Answer #1
No General Journal Debit Credit
1 Accumulated Depreciation - milling Machine 92,900
Loss on disposal of milling machine 32,200
Milling machine 125,100
2 Cash 15,600
Accumulated Depreciation - Milling Machine 92,900
Loss on sale of milling machine 16,600
Milling machine 125,100
3 Cash 32,200
Accumulated Depreciation - Milling Machine 92,900
Milling machine 125,100
4 Cash 41,200
Accumulated Depreciation - Milling Machine 92,900
Gain on sale of milling machine 9,000
Milling machine 125,100
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