50.1K

Verified Solution

Link Copied!

also need help on this thank you!

Aequired infermatien The following information applies to the ovestions disployed below) Onsiber Company purchased a used machine 5 or $240,000 cash on January 2 . On January 3, Onsiow pasd $,6,000 to wre electricly to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for eperation. The at the end of its fiht year in eperations at is disposed of 3. Prepare joumal eneries to record the machine's dsposal under each separate sutuation (a) it is sold for $20.500 cash and (0) it is sold for $82,000 cosh Required information [The following information applies to the questions displayed below] Onslow Company purchased a used machine for $2,40,000 cash on January 2 . On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an addational $1,200 on January 4 to secure the machine for operation, 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 fith 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. Journal entry worksheet Record the costs of $6,000 incurred on the used machine. Required information [The following information spolies to the queseions displayed belaw] Ondow Company purchased a used machine for $240,000 cash on January 2 . On January 3, Onsiow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 on Jahuary 4 to secure the machine for operation. The machine with be used for siryesrs and have a \$28,800 salvage value. Straight ine depreciotion is used. On December 31 , ot the end of its fihh year in operations, it is disposed of. 2. Prepare joumal entries to recond depreclation of the machine at December 31 . Journal entry worksheet Aleord the vear of disposal vearend adjusting entry for the depreciatien expense of the vass mochine. Required information [The following information applies to the questions displayed below] Onslow Company purchosed a used machine for $240,000 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 $28,800 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fith year in operations, it is disposed of. Required: 1. Prepere joumal entries to record the machines purchase and the costs to ready it for use. Cash is paid for all costs incurred. Journal entry worksheet Record the coit of $1,200 for an operating platform. Wuhet Cnier chbes before endes Required information [The following information applies to the questions displayed below] Onslow Company purchased a used machine for $240,000 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 $28,800 salvage value. Straight-line depreclation is used. On December 31 , ot the end of its fith year in operations, it is disposed of. Required: 1. Prepare joumal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. Required information [The following information applies to the questions displayed below] Onslow Company purchased a used machine for $240,000 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 wil be used for six years and hove a $28,800 salvage value. Straight at the end of its fith year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each separate situation: (d) it is sold for $20,500 cash and (b) it is old for $82,000 cash. Journal entry worksheet Record the sile of the used machine for $82,000 cash. Required information [The following information applies to the questions displayed beiow) Onslow Company purchosed a used machine for $240,000 cash on January 2 . On January 3, Onslow pald $6,000 to wire electricty to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. The mschine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31 , ot the end of its fith year in operations, it is disposed of 2. Prepare joumal entries to record depreciation of the machine at December 31 . Journal entry worksheet Record the first veer vear-end adjusting entry for the depreciation expense of the used machine

Answer & Explanation Solved by verified expert

See Answer