Required information (The following information applies to the questions displayed below.) Onslow Co. purchases a used machine for $144,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations. It is disposed of. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: 1 Record the sale of the used machine for $21,500 cash. 2. Record the sale of the used machine for $86,000 cash 3. Record the Insurance settlement received of $32,000 resulting from the total destruction of the machine in a fire. iew transaction list Journal entry worksheet 2 3 Record the sale of the used machine for $21,500 cash. Note: Enter debits before credits. Date General Journal Dec 31 Debit Credit Record entry View general journal Clear entry Required information [The following information applies to the questions displayed below.) Onslow Co. purchases a used machine for $144,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, It is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of Prepare journal entries to record the machine's disposal under each of the following separate assumptions: 1 Record the sale of the used machine for $21,500 cash. 2. Record the sale of the used machine for $86,000 cash 3. Record the insurance settlement received of $32,000 resulting from the total destruction of the machine in a fire. View transaction list Journal entry worksheet Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31 Record entry View general journal Clear entry Required information [The following information applies to the questions displayed below.] Onslow Co. purchases a used machine for $144,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, It is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: 1 Record the sale of the used machine for $21,500 cash. 2. Record the sale of the used machine for $86,000 cash 3. Record the insurance settlement received of $32,000 resulting from the total destruction of the machine in a fire. View transaction list Journal entry worksheet 2 3 Record the insurance settlement received of $32,000 resulting from the total destruction of the machine in a fire. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry View general journal Clear entry
