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Part 2

Part 3

Saved Required information [The following information applies to the questions displayed below) Onslow Co. purchased a used machine for $178,000 cash on January 2. On January 3, Onslow paid $2,840 to wire electricity to the machine and an additional $1,160 to secure it in place. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of 2. Prepare journal entries to record depreciation of the machine at December 31 View transaction list Journal entry worksheet 1 2 Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Dato General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below Onslow Co. purchased a used machine for $178,000 cash on January 2. On January 3, Onslow electricity to the machine and an additional $1,160 to secure it in place. The machine will be use $14,000 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth disposed of 2. Prepare journal entries to record depreciation of the machine at December 31 View transaction list Journal entry worksheet Record the insurance settlement received of $30,000 resulting from the total destruction of the machine in a fire. Note: Enter debits before credits Date General Journal Debit Credit Cash Dec 31 30,000 Record entry Clear entry View general journal