Onslow Co. purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 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.

Prepare journal entries to record depreciation of the machine at December 31.

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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. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,500 cash; (b) it is sold for $90,000 cash; and (c) it is destroyed in a fire and the insurance company pays $33,000 cash to settle the loss claim. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 31 22,500 Cash Accumulated amortization