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Required information [ The following information applies to the questions displayed below. ] Onslow Company purchased a used machine for $ 2 8 8 ,
Required information
The following information applies to the questions displayed below.
Onslow Company purchased a used machine for $ cash on January On January Onslow paid $ to
wire electricity to the machine. Onslow paid an additional $ on January to secure the machine for operation.
The machine will be used for six years and have a $ salvage value. Straightline depreciation is used. On
December at the end of its fifth year in operations, it is disposed of
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.
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