! Required information Problem 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 $240,000 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 $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. 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. View transaction list Journal entry worksheet > 1 2 3 Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. Date January 02 General Journal Debit Credit Record entry Clear entry View general journal >
! Required information Problem 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 $240,000 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 $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. 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. View transaction list Journal entry worksheet > 1 2 3 Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. Date January 02 General Journal Debit Credit Record entry Clear entry View general journal >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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hrl.3
answer must be in table format or i will give down vote
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Required information
Problem 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 $240,000 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 $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.
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.
View transaction list
Journal entry worksheet
>
1
2
3
Record the purchase of a used machine for $240,000 cash.
Note: Enter debits before credits.
Date
January 02
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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Transcribed Image Text:!
Required information
Problem 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 $240,000 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 $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.
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.
View transaction list
Journal entry worksheet
>
1
2
3
Record the purchase of a used machine for $240,000 cash.
Note: Enter debits before credits.
Date
January 02
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
>
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