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Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.) Onslow Co purchased a used machine for $240,000 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 $28.800 salvage value. Straightline depreciation is used on December 31, at the end of its fifth year in operations, it is disposed of Problem 10-6A Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation () it is sold for $21,000 cash: (b) it is sold for $84.000 cash, and (c) it is destroyed in a fire and the insurance company pays $31,500 cash to settle the loss claim. Www transaction list Journal entry worksheet 240,00U CdS on January 2. Ull Jalludly 3, UTE electricity to the machine and an additional $1,600 to secure it in place. The machine will be $28,800 salvage value Straight-line depreciation is used. On December 31, at the end of its disposed of. Problem 10-6A Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is s $84.000 cash; and (dit is destroyed in a fire and the insurance company pays $31,500 cash to set View transaction list Journal entry worksheet