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Can I please get some help with this question?(5.9)   Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of.   Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred.     Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits.         Date General Journal Debit Credit January 02                                               Journal entry worksheet       Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits.         Date General Journal Debit Credit January 03                                                   Record the cost of $2,000 for an operating platform. Note: Enter debits before credits.         Date General Journal Debit Credit January 04

Can I please get some help with this question?(5.9)   Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of.   Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred.     Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits.         Date General Journal Debit Credit January 02                                               Journal entry worksheet       Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits.         Date General Journal Debit Credit January 03                                                   Record the cost of $2,000 for an operating platform. Note: Enter debits before credits.         Date General Journal Debit Credit January 04

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Can I please get some help with this question?(5.9)

 

Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of.

 

Required:

1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred.

 
 
  • Record the purchase of a used machine for $240,000 cash.
Note: Enter debits before credits.
 
 
 
 
Date General Journal Debit Credit
January 02      
       
       
       
       
       
Journal entry worksheet
 
 
 
  • Record the costs of $10,000 incurred on the used machine.
Note: Enter debits before credits.
 
 
 
 
Date General Journal Debit Credit
January 03      
       
       
       
       
       
 
 
  • Record the cost of $2,000 for an operating platform.
Note: Enter debits before credits.
 
 
 
 
Date General Journal Debit Credit
January 04      
       
       
       
       
       
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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