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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.
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.
Discuss the key factors that determined the company's financial performance during the year. Discuss what the primary assets held by the company are. Demonstrate how management portrays the internal control environment of NIKON.
1.an alternative name for bad debt expense isa. deadbeat expense.b. uncollectible accounts expense.c. collection
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David, a single taxpayer, took out a mortgage on his home for $300,000 nine years ago
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