Question: help! everything is correct except the ones missing. Check my work Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 The following

Check my work Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.) Onslow Co. purchases a used machine for $192,000 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 $23,040 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. Problem 10-6A Part 3 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 $24,500 cash. 2. Record the sale of the used machine for $98,000 cash. 3. Record the insurance settlement received of $35,000 resulting from the total destruction of the machine in a fire.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
