Required information [The following information applies to the questions displayed below] Onsiow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. 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. Notel Enter debits before credits. Required information [The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $240,000 cash on January 2 . On January 3. Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. 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 Required information [The following information applies to the questions displayed below] Onslow Co. purchased a used machine for $240,000 cash on January 2 . On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. 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 separate situation: (a) it is sold for $24,000 cash: (b) it is sold for $96,000 cash; and (c) it is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim. Journal entry worksheet Record the sale of the used machine for $24,000 cash. Note: Enter debits before credies, Required information [The following information applies to the questions displayed below] Onslow Co. purchased a used machine for $240,000 cash on January 2 . On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. 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 separate situation: (a) it is sold for $24,000 cash; (b) it is sold for $96,000 cash; and ( d ) it is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim. Journal entry worksheet Record the sale of the used machine for $96,000 cash. Noke: Enter debits before credits. Required information [The following information applies to the questions displayed below] Onslow Co. purchased a used machine for $240,000 cash on January 2 . On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. repare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,000 cash; (b) it is sold for , 000cash; and (C) it is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim. Journal entry worksheet Record the insurance settlement received of $34,500 resulting from the total destruction of the machine in a fire. Note: Enter debits before credits