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Required information [The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $144,000 cash on January 2. On January

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Required information [The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $17.280 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet Required information 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet Prev Journal entry worksheet Journal entry worksheet 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 N Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. ws Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below) Onslow Co. purchased a used machine for $144,000 cash on January 2 On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1.600 to secure it in place. The machine will be used for six years and have a $17.280 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 $22,500 cash: (6) it is sold for $90,000 cash; and (it is destroyed in a fire and the insurance company pays $33,000 cash to settle the loss claim. View transaction list Journal entry worksheet > 2 3 Next

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