Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 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. "roblem 10-6A (Algo) Part 3 . Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is Old for $80,000 cash. View transaction list Journal entry worksheet < 1 2 Record the sale of the used machine for $20,000 cash. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >

Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 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. "roblem 10-6A (Algo) Part 3 . Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is Old for $80,000 cash. View transaction list Journal entry worksheet < 1 2 Record the sale of the used machine for $20,000 cash. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >

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Description: Required informationProblem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2[The following information applies to the questions displayed below.]Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,

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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Can I please get assistance with this question and an explaination?(5.11) 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. 3. Prepare journal entries to record the machine’s disposal under each separate situation: (a) it is sold for $23,000 cash and (b) it is sold for $92,000 cash. Record the sale of the used machine for $23,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record the sale of the used machine for $92,000 cash. Note: Enter debits before credits.…
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