Garcia Co. owns equipment that cost $84,800, with accumulated depreciation of $44,800

Garcia Co. owns equipment that cost $84,800, with accumulated depreciation of $44,800. Garcia sells the equipment for cash.
  
Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $53,000 cash, (2) $40,000 cash, and (3) $34,900 cash.

No	Transaction	General Journal	Debit	Credit
1	1	Cashselected answer correct	53,000selected answer correct	not attempted
		Accumulated depreciationselected answer correct	44,800selected answer correct	not attempted
		Gain on sale of equipmentselected answer correct	not attempted	13,000selected answer correct
		Equipmentselected answer correct	not attempted	84,800selected answer correct
2	2	Cashselected answer correct	40,000selected answer correct	not attempted
		Accumulated depreciationselected answer correct	44,800selected answer correct	not attempted
		Equipmentselected answer correct	not attempted	84,800selected answer correct
3	3	Cashselected answer correct	34,900selected answer correct	not attempted
		Accumulated depreciationselected answer correct	44,800selected answer correct	not attempted
		Loss on sale of equipmentselected answer correct	5,100selected answer correct	not attempted
		Equipmentselected answer correct	not attempted	84,800selected answer correct

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8.

Diaz Company owns a milling machine that cost $126,300 and has accumulated depreciation of $93,500. 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 $15,500 cash.
3. Diaz sold the machine for $32,800 cash.
4. Diaz sold the machine for $41,700 cash.

No	Date	General Journal	Debit	Credit
1	Jan 03	Accumulated depreciation—Milling machineselected answer correct	93,500selected answer correct	not attempted
		Loss on disposal of milling machineselected answer correct	32,800selected answer correct	not attempted
		Milling machineselected answer correct	not attempted	126,300selected answer correct
2	Jan 03	Cashselected answer correct	15,500selected answer correct	not attempted
		Accumulated depreciation—Milling machineselected answer correct	93,500selected answer correct	not attempted
		Loss on sale of milling machineselected answer correct	17,300selected answer correct	not attempted
		Milling machineselected answer correct	not attempted	126,300selected answer correct
3	Jan 03	Cashselected answer correct	32,800selected answer correct	not attempted
		Accumulated depreciation—Milling machineselected answer correct	93,500selected answer correct	not attempted
		Milling machineselected answer correct	not attempted	126,300selected answer correct
4	Jan 03	Cashselected answer correct	41,700selected answer correct	not attempted
		Accumulated depreciation—Milling machineselected answer correct	93,500selected answer correct	not attempted
		Gain on sale of milling machineselected answer correct	not attempted	8,900selected answer correct
		Milling machineselected answer correct	not attempted	126,300