Diaz Company owns a machine that cost $126,500 and has accumulated depreciation of $91,600. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $15,500 cash. Diaz sold the machine for $34,900 cash. Diaz sold the machine for $40,400 cash.

S/n      Account Titles and Explanation                    Debit      Credit

1.         Accumulated Dep - Machine Equipment    $91,600  

           Loss on Disposal                                          $34,900

                        Machine Equipment                                          $126,500

           (To record disposal)

2.         Cash                                                             $17,500  

           Accumulated Dep - Machine Equipment   $91,600  

           Loss on sale/disposal                                  $17,400

                    Machine Equipment                                               $126,500

            (To record sale)  

3          Cash                                                            $34,900

           Accumulated Dep - Machine Equipment  $91,600

                     Machine Equipment                                              $126,500

           (To record sale)

4         Cash                                                              $40,400

          Accumulated Dep - Machine Equipment   $91,600

                     Gain on sale/disposal                                           $5,500

                     Machine Equipment                                              $126,500

          (To record sale)

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