Diaz Company owns a milling machine that cost $126,000 and has accumulated depreciation of $92,200. Prepare the entry to record the disposal of the milling machine on January 3 in each of the following independent situations. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $17,000 cash. Diaz sold the machine for $33,800 cash. Diaz sold the machine for $40,300 cash.

Journal Entry

Explanation:

1Accumulated Depreciation Dr,  $92,200

Loss on Disposal Dr,                             $34,400

     To  Machine Equipment                    $126,600

(Being disposal is recorded)

2. Cash Dr,                                      $17,000

Accumulated Depreciation Dr,     $92,200

Loss on sale/disposal Dr,             $17,400

       To  Machine Equipment            $126,600

(Being sale is recorded)

3. Cash Dr,                                  $34,400

Accumulated Depreciation Dr,     $92,200

  Machine Equipment                          $126,600

(Being sale is recorded)

4. Cash Dr,                                $40,300

Accumulated Depreciation Dr,   $92,200

  To Gain on sale/disposal                  $5,900

  To Machine Equipment                  $126,600

(Being sale is recorded)

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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