Diaz Company owns a milling machine that cost $126,800 and has accumulated depreciation of $90,900. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations.
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 $16,100 cash.
3. Diaz sold the machine for $35,900 cash.
4. Diaz sold the machine for $41,200 cash.
Record the disposal of the machine receiving nothing in return
Record the sale of the machine for $16,100 cash
Record the sale of the machine for $35,900 cash.
Record the sale of the machine for $41,200 cash.