Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 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. View transaction list 1 Record the purchase of a used machine for $192,000 cash. 2 Record the costs of $6,000 incurred on the used machine. 3 Record the cost of $1,200 for an operating platform. Note: = journal entry has been entered Record entry Clear entry X Credit View general journal

Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 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. View transaction list 1 Record the purchase of a used machine for $192,000 cash. 2 Record the costs of $6,000 incurred on the used machine. 3 Record the cost of $1,200 for an operating platform. Note: = journal entry has been entered Record entry Clear entry X Credit View general journal

Name: Please help me with show all calculation thanku Onslow Company purchas
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Description: Please help me with show all calculation thanku Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $6,000 to wireelectricity to the machine. Onslow paid an additional $1,200 on January 4 to secure the ma

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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