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Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3,...

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Accounting

Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 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.

3. Prepare journal entries to record the machines disposal under each separate situation: (a) it is sold for $20,500 cash and (b) it is sold for $82,000 cash.

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3. Prepare journal 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. View transaction list 1 Record the sale of the used machine for $20,500 cash. > 2 Record the sale of the used machine for $82,000 cash. Credit Note : = journal entry has been entered Record entry Clear entry View general journal

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