Please help me solve this with explanations and I will give a thumbs up. Thank you!Please avoid solution with image format thanks Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $10,000 towire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. Themachine will be used for six years and have a $34,560 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 $24,500 cash and (b) it issold for $98,000 cash.View transaction listJournal entry worksheet1 2<Record the sale of the used machine for $98,000 cash.Note: Enter debits before credits.DateDecember 31 CashGeneral JournalGain on sale of machineryDebit98,000Credit98,000 Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $10,000 towire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. Themachine will be used for six years and have a $34,560 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 $24,500 cash and (b) it issold for $98,000 cash.View transaction listJournal entry worksheet1 2Record the sale of the used machine for $24,500 cash.Note: Enter debits before credits.DateDecember 31 CashGeneral JournalLoss on sale of machineryDebit24,500Credit24,500

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Description: Please help me solve this with explanations and I will give a thumbs up. Thank you!Please avoid solution with image format thanks Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $10,000 towire electri

At the time of disposal of the asset, the gain or loss on the disposal is computed by the difference…

Business

Accounting

Onslow Company purchased a used machine for $288,000 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 $34,560 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 $24,500 cash and (b) it is sold for $98,000 cash.

Onslow Company purchased a used machine for $288,000 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 $34,560 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 $24,500 cash and (b) it is sold for $98,000 cash.

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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