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9 August, 04:26

Diaz Company owns a machine that cost $125,500 and has accumulated depreciation of $91,800. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation.

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  1. 9 August, 04:28
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    1.

    Accumulated Depreciation $91,800

    Loss on Disposal $33,700

    Machine Account $125,500

    2.

    Cash $35,000

    Accumulated Depreciation $91,800

    Profit on Disposal $1,300

    Machine Account $125,500

    3.

    Cash $68,000

    Accumulated Depreciation $91,800

    Profit on Disposal $34,300

    Machine Account $125,500

    4.

    Cash $80,000

    Accumulated Depreciation $91,800

    Profit on Disposal $46,300

    Machine Account $125,500

    Explanation:

    The situations were missing which were as follow:

    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 $35,000 cash.

    3. Diaz sold the machine for $68,000 cash.

    4. Diaz sold the machine for $80,000 cash.

    Journal Entries are made according to these.
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