2problem

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 $144,000 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 $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 alem 8-6A (Algo) Part 1