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! 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 $25,000 cash and (b) it is sold for $100,000 cash. View transaction list Journal entry worksheet 1 2 Record the sale of the used machine for $25,000 cash. Note: Enter debits before credits. Date December 31 Cash General Journal Debit Credit 25,000 25,000 Accumulated depreciation-Machinery Gain on sale of machinery Machinery Record entry Clear entry View general journal >

! 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 $25,000 cash and (b) it is sold for $100,000 cash. View transaction list Journal entry worksheet 1 2 Record the sale of the used machine for $25,000 cash. Note: Enter debits before credits. Date December 31 Cash General Journal Debit Credit 25,000 25,000 Accumulated depreciation-Machinery Gain on sale of machinery Machinery Record entry Clear entry View general journal >

FINANCIAL ACCOUNTING
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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! 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 $25,000 cash and (b) it is sold for $100,000 cash. View transaction list Journal entry worksheet > 1 2 Record the sale of the used machine for $25,000 cash. Note: Enter debits before credits. Date December 31 Cash General Journal Debit Credit 25,000 25,000 Accumulated depreciation-Machinery Gain on sale of machinery Machinery Record entry Clear entry View general journal >
Transcribed Image Text:! 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 $25,000 cash and (b) it is sold for $100,000 cash. View transaction list Journal entry worksheet > 1 2 Record the sale of the used machine for $25,000 cash. Note: Enter debits before credits. Date December 31 Cash General Journal Debit Credit 25,000 25,000 Accumulated depreciation-Machinery Gain on sale of machinery Machinery Record entry Clear entry View general journal >
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