Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $8,000 to wireelectricity to the machine. Onslow paid an additional $1,600 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.Problem 8-6A (Algo) Part 33. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,000 cash and (b) it is soldfor $84,000 cash.View transaction list View journal entry worksheetNoDateDecember 31CashAccumulated depreciation-MachineryLoss on sale of machineryMachineryGeneral JournalDebitCredit21,000213,70063,300288,000December 31Cash84,000Accumulated depreciation-Machinery213,700Machinery288,000

Step 1: Calculation of the accumulated depreciation of the asset for 5 years.Total cost of asset =…

Answered: Onslow Company purchased a used machine…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Columbia University brought suit against Jacobsen on two notes signed by him and his parents. The notes represented the balance of tuition he owed the University. Jacobsen counterclaimed for money damages due to Columbia’s deceit or fraudulent misrepresentation. Jacobsen argues that Columbia fraudulently misrepresented that it would teach wisdom, truth, character, enlightenment, and similar virtues and qualities. He specifically cites as support the Columbia motto: “in lumine tuo videbimus lumen” (“In your light we shall see light”); the inscription over the college chapel: “Wisdom dwelleth in the heart of him that hath understanding”; and various excerpts from its brochures, catalogues, and a convocation address made by the University’s president. Jacobsen, a senior who was not graduated because of poor scholastic standing, claims that the University’s failure to meet its promises made through these quotations constituted fraudulent misrepresentation or deceit. Decision?
A8
In 1950, Leaky Chemical Company began manufacturing fireproofing materials at its site in NY. The manufacturing process used a lot of water and as part of the process, it used water from the nearby river to cool its machinery. At the conclusion of the process, used water was discharged into a sump called "The Lagoon", behind the building. In 1975, Leaky went out of business & the property was unused until 1980, when Vinyl Window Corporation bought the property and began manufacturing replacement windows. The manufacturing process resulted in leftover liquid vinyl, which was put in metal drums and stored outside-where they rusted and leaked into the Lagoon and elsewhere. After VWC moved its entire business to China in 1995, at VWC's request, the factory buildings were bulldozed by an outside company, (Ace Demolition Corporation) which also bulldozed the metal storage drums, not knowing what was in the drums. In 2000, a residential community was built adjacent to the old VWC…
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Professor James Adjei was Coordinator of MBA Finance at the School of Graduate studies of the University ofProfessional Studies, Accra. During the admissions process for the 2017/2018 academic year, his wife appliedand gained admission to pursue MBA Finance at the same school. During the course of her studies, her husbandfacilitated the teaching and learning as well as the administration of all end of semester examinations for theprogramme.Unknown to the Management of the University, Mrs. Adjei enrolled and eventually graduated as the bestgraduating student among her cohorts. When Management of the University received information about thisunusual development, they instituted a comprehensive systems audit and an investigation into the circumstancesleading to the eventual emergence of Mrs. Cate Adjei as the best graduating student on the programme.Professor Adjei was granted full hearing to explain what transpired during the period of the wife’s studies. Hedefended that he worked…
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