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How do you find the accumulated deperciation for these? Record the sale of the used machine for $90,000 cash. Note: Enter debits before credits. Record
How do you find the accumulated deperciation for these?
Record the sale of the used machine for $90,000 cash. Note: Enter debits before credits. Record the sale of the used machine for $22,500 cash. Note: Enter debits before credits. Required information Problem 8.6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below] Onslow Company purchased a used machine for $144,000 cash on January 2 On January 3, Onslow. paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. 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. Problem 8-6A (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation. (d) it is soid for $22.500 cash and (b) it is sold for $90,000 cash Step by Step Solution
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