Question

Diaz Company owns a milling machine that cost $126,500 and has accumulated depreciation of $91,700. Prepare...

Diaz Company owns a milling machine that cost $126,500 and has accumulated depreciation of $91,700. Prepare the entry to record the disposal of the milling machine on January 3 in each of the following independent situations.

The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.

Diaz sold the machine for $17,300 cash.

Diaz sold the machine for $34,800 cash.

Diaz sold the machine for $41,300 cash.

Homework Answers

Answer #1
Date General Journal Debit Credit
Jan 03 Loss on disposal of milling machine $34,800
Accumulated depreciation—Milling machine $91,700
Milling machine $126,500
Jan 03 Cash $17,300
Loss on disposal of milling machine $17,500
Accumulated depreciation—Milling machine $91,700
Milling machine $126,500
Jan 03 Cash $34,800
Accumulated depreciation—Milling machine $91,700
Milling machine $126,500
Jan 03 Cash $41,300
Accumulated depreciation—Milling machine $91,700
Gain on sale of milling machine $6,500
Milling machine $126,500
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