Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 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 $23,040 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 $22,500 cash and (b) it is sold for $90,000 cash. View transaction list No 1 2 View journal entry worksheet Date December 31 December 31 General Journal Cash Loss on sale of machinery Accumulated depreciation Machinery Machinery Cash Accumulated depreciation-Machinery Machinery Gain on sale of machinery Debit 22,500 Credit Ⓡ

Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 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 $23,040 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 $22,500 cash and (b) it is sold for $90,000 cash. View transaction list No 1 2 View journal entry worksheet Date December 31 December 31 General Journal Cash Loss on sale of machinery Accumulated depreciation Machinery Machinery Cash Accumulated depreciation-Machinery Machinery Gain on sale of machinery Debit 22,500 Credit Ⓡ

Name: Required information[The following information applies to the questio
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Required information[The following information applies to the questions displayed below.]Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wireelectricity to the machine. Onslow paid an addit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

UMPI Corporation purchased a new machine for production on 1/1/18. The cost of the machine was $175,000. The salvage value was estimated to be $25,000. Its useful life was estimated to be 5 years and its working hours was estimated at 25,000 hours. The hours used 2018 thru 2023 were 5,750, 5,000, 4,250, 5,500, 4,500, respectively. Year-end is December 31st. Fully depreciate the equipment through the full 5 years. Instructions: Compute the depreciation expense under each of the following methods below. Record the journal entry for each year to record the depreciation expense. 5.1 Straight-Line method 5.2 Activity method 5.3 Double-Declining Balance method
A company purchased a machine for $190,000. The machine has a useful life of 8 years and a salvage value of $10,000. It is estimated that the machine could produce 75,000 bolts over its useful life. In the first year, 15,000 bolts were produced. In the second year, production increased to 19,000 units. Using the units-of-production method, what is the amount of accumulated depreciation at the end of the second year? Multiple Choice $48,133. $86,133. $23,750. $81,600. $45,600.
Mohr Company purchases a machine at the beginning of the year at a cost of $31,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 5 years with a $4,000 salvage value. The book value of the machine at the end of year 2 is: Multiple Choice $5,400. $10,800. $16,200. $20,200.
Zorzi Company purchased a machine on July 1, 2018, for $28.000. Zorzi paid $200 in title fees and county property tax of $125 on the machine In addition, Zorzi paid $500 shipping charges for delivery and $475 was paid to a local contractor to build and wire a platform for the machine on the plant floor The machine has an estimated useful life of 6 years with a salvage value of $3.000 Determine the depreciation base of Zorzis new machine. Zorzi uses straight-line depreciation. $25,000 $26.000 $26 300 None of the above
Please don't give image format
i just want to know the answer
Can I please get some help with this question?(5.9) Onslow Company purchased a used machine for $240,000 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 $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. 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. Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit January 02 Journal entry worksheet Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits.…
Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $45,700. The machine's useful life is estimated at 10 years, or 397,000 units of product, with a $6,000 salvage value. During its second year, the machine produces 33,700 units of product. Determine the machine's second-year depreciation using the double-declining-balance method. First year's depreciation Second year's depreciation Double-declining-balance Depreciation Choose Factors: Choose Factor (%) = = = = Annual Depreciation Expense Depreciation expense
s
Do not answer in image format
[The following information applies to the questions displayed below.] Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $84,200. The machine's useful life is estimated at 20 years, or 391,000 units of product, with a $6,000 salvage value. During its second year, the machine produces 33,100 units of product. Exercise 8-4 (Algo) Straight-line depreciation LO P1 Determine the machine's second-year depreciation and year end book value under the straight-line method. Choose Numerator: / Year 2 Depreciation Year end book value (Year 2) Straight-Line Depreciation Choose Denominator: = Annual Depreciation Expense Depreciation expense
[The following information applies to the questions displayed below.] Ramirez Company installs a computerized manufacturing machine In its factory at the beginning of the year at a cost of $85,400. The machine's useful life is estimated at 20 years, or 402,000 units of product, with a $5,000 salvage value. During its second year, the machine produces 34,200 units of product. Determine the machine's second-year depreciation using the units-of-production method.