Required information

Problem $8-6$A $($Algo$)$ Disposal of plant assets LO C$1,$ P$1,$ P$2$

$[$The following information applies to the questions displayed below.$]$

Onslow Company purchased a used machine for $$192,000$ cash on January $2.$ On January $3,$ Onslow paid $$6,000$ to wire electricity to the machine. Onslow paid an additional $$1,200$ on January $4$ to secure the machine for operation. The machine will be used for six years and have a $$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$.$

Problem $8-6$A $($Algo$)$ Part $2$

$2.$ Prepare journal entries to record depreciation of the machine at December $31.$

Journal entry worksheet

$1$

$2$

Record the first year year$-$end adjusting entry for the depreciation expense of the used machine.