Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow...
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Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 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 jourmal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,500 cash and (b) it is sold for $82,000 cash. Record the sale of the used machine for $20,500 cash. Record the sale of the used machine for $82,000 cash. Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 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 jourmal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,500 cash and (b) it is sold for $82,000 cash. Record the sale of the used machine for $20,500 cash. Record the sale of the used machine for $82,000 cash.
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Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
Posted Date:
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