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info:entries: Required information Problem 10-6A Disposal of plant assets LO...

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Accounting

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Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $192,000 cash on January 2. On January 3. Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 to secure it in place. 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 Record the sale of the used machine for $21,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record the sale of the used machine for $84,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record the insurance settlement received of $31,500 resulting from the total destruction of the machine in a fire. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31

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