Diaz Company owns a milling machine that cost $250,000 and has accumulated depreciation of $182,000. 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 $35,000 cash. |
| 3. | Diaz sold the machine for $68,000 cash. |
| 4. | Diaz sold the machine for $80,000 cash. |
| Book value of milling machine = $250,000 – $182,000 = $68,000 |
how do you get the loss of saleof milling machine $33,000?
ReplyDeletehow do you get the loss of saleof milling machine $33,000?
ReplyDelete