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(Extra Credit) Required information [The following information applies to the questions displayed below) Onslow Company...

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Accounting

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(Extra Credit) Required information [The following information applies to the questions displayed below) Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow pold an additional $1,600 on January 4 to secure the machine for operation. 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 58 2. Prepare journal entries to record depreciation of the machine at December 31 View transaction list Journal entry worksheet

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