DO NOT GIVE SOLUTION IN IMAGE Problem 8-6A (Algo) Part 1Required: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.No123DateJanuary 02January 03January 04MachineryCashMachineryCashAnswer is complete but not entirely correct.General JournalAccumulated depreciation-MachineryCashDebit192,0006,00088,000Credit192,0006,0001,200 Required informationProblem 8-6A (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 $6,000 to wireelectricity to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. Themachine 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.Problem 8-6A (Algo) Part 1Required: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.

Name: DO NOT GIVE SOLUTION IN IMAGE Problem 8-6A (Algo) Part 1Required:1. Pr
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Description: DO NOT GIVE SOLUTION IN IMAGE Problem 8-6A (Algo) Part 1Required: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.No123DateJanuary 02January 03January 04MachineryCashMa

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Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $6,000 to w 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 3 at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 1 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.