Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $6,000 cost. On January 3, it is installed on a required operating platform costing $1,200, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. plem 10-6A Part 3 epare journal entries to record the machine's disposal under each of the following separate assumptions: Record the sale of the used machine for $24,000 cash. Record the sale of the used machine for $96,000 cash. Record the insurance settlement received of $34.500 resulting from the total destruction of the machine in a fire.

Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $6,000 cost. On January 3, it is installed on a required operating platform costing $1,200, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. plem 10-6A Part 3 epare journal entries to record the machine's disposal under each of the following separate assumptions: Record the sale of the used machine for $24,000 cash. Record the sale of the used machine for $96,000 cash. Record the insurance settlement received of $34.500 resulting from the total destruction of the machine in a fire.

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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