Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help with second and third parts Onslow Company purchased a used machine for $192,000 cash on January 2 . On January 3 , Onslow
need help with second and third parts
Onslow Company purchased a used machine for $192,000 cash on January 2 . On January 3 , Onslow paid $10,000 to wire electricity to the machine. Onsiow 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 $23,040 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. roblem 8-6A (Algo) Part 1 required: Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred: 2. Prepare journal entries to record depreciation of the machine at December 31. Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. 2. Prepare journal entries to record depreciation of the machine at December 31. Journal entry worksheet Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,500 cash and (b) it is sold for $98,000 cash. Journal entry worksheet Record the sale of the used machine for $24,500 cash. Noto: Enter debits before credits. 3. Prepare joumal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,500 cash and (b) it is sold for $98,000 cash. Journal entry worksheet Record the sale of the used machine for $98,000 cash. Note: Enter tebits before credis Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started