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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.

Respuesta :

TomShelby

Answer:

Loss on Dispossal     68,000

Acc Depreciation     182,000

   Milling Machine                 250,000

Explanation:

acquisition           250,000

acc depreciation  (182,000)

book value              68,000

Because no return is possible for the milling machine all the book value will be considered a loss on dispossal

Loss on Dispossal     68,000

Acc Depreciation     182,000

   Milling Machine                 250,000

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