problem 8-6A

Required Information [The following information applies to the questions displayed below] Onslow Company purchased a used machine for $192,000 cash on January 2 On January 3, Onslow paid $8,000 to wire electricity to the machine. Onsiow paid an additional $1,600 on January 4 to secure the machine for operation. The machine wili be used for six years and have a $23,040 salvage value. Straight-line depreclation is used. On December 31 . at the end of its fifth year in operations, it is disposed of. equired: Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. Journal entry worksheet Record the purchase of a used machine for $192,000 cash. Notes Enter debits before credits. Journal entry worksheet Record the costs of $8,000 incurred on the used machine. Note: Enter debits before credits. Journal entry worksheet 1 Record the cost of $1,600 for an operating platform. Note: Enter debits before credits, 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. 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. Journal entry worksheet Record the sale of the used machine for $23,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the sale of the used machine for $92,000 cash. Note: Enter debits before credits