charged on a straignt-ine basis. Un Uecember s1, at the end ot its hith year in operations, it is aisposed ot 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: 1 Record the sale of the used machine for $20,500 cash. 2 Record the sale of the used machine for $82,000 cash. 3. Record the insurance settlement received of $31,000 resulting from the total destruction of the machine in a fre. No eral Journal Dec 31 20,500 Loss on sale of machinery Machinery 82,000 2 Dec. 31 Cash 31.000 Dec 31 Cash Loss from fire Required information The following information applies to the questions displayed below] used machine for $144,000 cash on January 2 and readies it for use the next day at a $10,000 Onslow Co. purchases a cost. On January 3, it is installed on a required costing The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of ts fifth year in operations, it is disposed of red operating platform costing $2,000, and it is further readied for operations. Prepare journal entries to record the machine's disposal under each of the following separate assumptions 1 Record the sale of the used machine for $20,500 cosh. 2 Record the sale of the used machine for $82000 cash. 3. Record the insurance settlement received of $31.000 resulting from the total destruction of the machine in a fire No Date it Dec 31 Cash 20,500 Loss on sale of machinery