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ci Secure https/new connect mheducation.com flow connect.htmli Reg truearetumor n ps Hel CHAPTER 8 HOMEWORK G Saved Diaz Company owns a milling machine that cost $126.300 and has accumulated depreciation of $90,300. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations. 10 points 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 $16,500 cash. 3. Diaz sold the machine for $36,000 cash. 4. Diaz sold the machine for $41,600 cash. eBook Hint Print References View transaction list Journal entry worksheet Record the disposal of the machine receiving nothing in return Note: Enter debits before credits. Date General Journal Debit Credit Jan 03Explanation / Answer
Date General Journal Debit Credit 1 Jan-03 Loss on disposal of asset 36000 Accumulated depreciation 90300 Milling machine 126300 (To record disposal of asset) 2 Jan-03 Cash 16500 Accumulated depreciation 90300 Loss on disposal of asset 19500 Milling machine 126300 (To record disposal of asset) 3 Jan-03 Cash 36000 Accumulated depreciation 90300 Milling machine 126300 (To record disposal of asset) 4 Jan-03 Cash 41600 Accumulated depreciation 90300 Gain on disposal of asset 5600 Milling machine 126300 (To record disposal of asset)
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