Diaz Company owns a milling machine that cost $125,900 and has accumulated depreciation of $92,800. Prepare the entry to record the disposal of the milling machine on January 3 under 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 $17,400 cash.
Diaz sold the machine for $33,100 cash.
Diaz sold the machine for $41,400 cash.
Explanation
Book value of milling machine = $125,900 – $92,800 = $33,100
Thank you!
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 $17,400 cash.
Diaz sold the machine for $33,100 cash.
Diaz sold the machine for $41,400 cash.
Explanation
Book value of milling machine = $125,900 – $92,800 = $33,100
Thank you!
How do you guys get the gain on selling the milling machine?
ReplyDeleteGain on selling machine: (92,800+41,400)-125,900=8,300
ReplyDeletehow to get loss on sale of machine
ReplyDeleteHow to get the kids on sale of machine
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