CHAPTER 8 HOMEWORK A Saved 11 Diaz Company owns a miling machine that cost $126,

Question

CHAPTER 8 HOMEWORK A Saved 11 Diaz Company owns a miling machine that cost $126,300 and has accumulated depreciation of $90,300. Prepare the entry to record the disposal of the miling machine on January 3 under each of the following independent situations. points Skipped 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 View transaction list Print References Journal entry worksheet 2 3 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Jan 03 Debit Credit

Explanation / Answer

ans)

1. Jan 03 Loss on disposal of milling machine 36000

Accumulated depreciation - Milling machine 90300

Milling machine 126300

2. Jan 03 Cash 16500

Loss on disposal of milling machine 19500

Accumulated depreciation - Milling machine 90300

Milling machine 126300

3. Jan 03 Cash 36000

Accumulated depreciation - Milling machine 90300

Milling machine 126300

4. Jan 03 Cash 41600

Accumulated depreciation - Milling machine 90300

Gain on sale of milling machine 5600

Milling machine 126300   

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