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Help me finish this question Onslow Co. purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $10,000 to wire
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Onslow Co. purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. 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 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 $21,000 cash, (b) it is sold for $84,000 cash; and (It is destroyed in a fire and the Insurance company pays $31,500 cash to settle the loss claim Answer is not complete. Credit No 1 Date Dec 31 General Journal Cash Accumulated depreciation Machinery Loss on sale of machinery Machinery Debit 21.000 221.200 57.800 300.000 Dec 31 Cash 84.000 221,200 Accumulated depreciation-Machinery Machinery Gain on sale of machinery 0000 000 000 300.000 5.200 Dec 31 Cash Accumulated depreciation-Machinery Loss from fire Accumulated depreciation-Machinery Machinery 31,500 221.200 47.300 300.000Step by Step Solution
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