!Required informationProblem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2[The following information applies to the questions displayed below.]Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wireelectricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years andhave a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year inoperations, it is disposed of.2. Prepare journal entries to record depreciation of the machine at December 31.View transaction listJournal entry worksheet12>Record the first year year-end adjusting entry for the depreciation expense ofthe used machine.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Record entryClear entryView general journal2. Prepare journal entries to record depreciation of the machine at December 31.View transaction listJournal entry worksheet12>Record the year of disposal year-end adjusting entry for the depreciationexpense of the used machine.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Record entryClear entryView general journal3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,000 cash and (b) it issold for $96,000 cash.View transaction listJournal entry worksheet12>Record the sale of the used machine for $24,000 cash.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Record entryClear entryView general journal3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,000 cash and (b) it issold for $96,000 cash.View transaction listJournal entry workshe12>Record the sale of the used machine for $96,000 cash.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Record entryClear entryView general journal

Depreciation is the reduction in value of asset over the asset life. At the time of sale,…

Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. 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. 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet 1 Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,000 cash and (b) it is sold for $96,000 cash. View transaction list Journal entry worksheet > Record the sale of the used machine for $24,000 cash. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,000 cash and (b) it is sold for $96,000 cash. View transaction list Journal entry worksheet > Record the sale of the used machine for $96,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal