(The following information applies to the questions displayed below]Onslow Company purchased a used machine for $288.000 cash on January 2. On January 3, Onslow paid $8,000 to wireelectricity to the machine. Onslow paid an additional $1600 on January 4 to secure the machine for operation. Themachine will be used for six years and have a $34.560 salvage value Straight line depreciation is used. On December 31.at the end of its tinh year in operations, it is disposed of3. Prepare journal entries to record the machine's disposal under each separate situation: (at it is sold for $20.500 cash and (it issold for $82,000 cashHoDaleDecember 31Answer is complete but not entirely correct.General JournalCashAccumulated depreciation MachineryLoss on sale of machineryMachineryCash00003Osbil20,500219,20056,300 Ⓒ12.000 ⒸCredi249,0000 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,500 cash and (b) it issold for $82,000 cash.No12DateDecember 31December 31Answer is complete but not entirely correct.General JournalCashAccumulated depreciation MachineryLoss on sale of machineryMachineryCashAccumulated depreciation-MachineryMachineryGan on sale of machinery10000000Debit20,500Ⓒ219,20056,30082.000221,200Credit249,600 X300,0008.000

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Description: (The following information applies to the questions displayed below]Onslow Company purchased a used machine for $288.000 cash on January 2. On January 3, Onslow paid $8,000 to wireelectricity to the machine. Onslow paid an additional $1600 on Januar

Depreciation seems to be an expense that is accountable for lowering the value of fixed assets as…

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(The following information applies to the questions displayed below] Onslow Company purchased a used machine for $288.000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1600 on January 4 to secure the machine for operation The machine will be used for six years and have a $34.560 salvage value Straight line depreciation is used. On December 31 at the end of its fith year in operations, it is disposed of 3. Prepare journal entries to record the machine's disposal under each separate situation it is sold for $20.500 cash and ( sold for $82.000 cash ON entirely correct.

(The following information applies to the questions displayed below] Onslow Company purchased a used machine for $288.000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1600 on January 4 to secure the machine for operation The machine will be used for six years and have a $34.560 salvage value Straight line depreciation is used. On December 31 at the end of its fith year in operations, it is disposed of 3. Prepare journal entries to record the machine's disposal under each separate situation it is sold for $20.500 cash and ( sold for $82.000 cash ON entirely correct.

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 Skip to question [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $144,000 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 $17, 280 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 $24, 500 cash and (b) it is sold for $98, 000 cash.
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