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Onslow Company purchased a used machine for $144,000 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 Io 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. . Prepare Journal entries to record depreciation of the machine at December 31, View transaction list View journal entry worksheet Debit Credit 1 Record the first year year-end adjusting entry for the depreciation expense of the used machine. 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Onslow Company purchased a used machine for $144,000 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 $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. repare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,500 cash and (b) it is sold 586,000 cash View transaction list XL 1 Record the sale of the used machine for $21,500 cash. 2 Record the sale of the used machine for $86,000 cash. On January 1, the Matthews Band pays $67,000 for sound equipment. The band estimates it will use this equipment for five years and perform 200 concerts. It estimates that after five years It can sell the equipment for $2,000. During the first year, the band performs 55 concerts. Compute the first-year depreciation using the straight-line method. Straloht-Line Depreciation Choose Numerator: Choose Denominator: Annual Depreciation Expense Depreciation expense On January 1, the Matthews Band pays $67,000 for sound equipment. The band estimates it will use this equipment for five years and perform 200 concerts. It estimates that after five years it can sell the equipment for $2,000. During the firs year, the band performs 55 concerts. Compute the first-year depreciation using the units-of-production method. Select formula for the depreciation rate of Units of Production: Calculate the first year depreciation expenses Depreciation per concert Concerts in first year Depreciation in first year A building is acquired on January 1 at a cost of $1,000,000 with an estimated useful life of ten years and salvage value of $90,000 Compute depreciation expense for the first three years using the double-declining-balance method. (Round your answers to the nearest dollar.) End of Period Annual Period Depreciation for the Period Boginning of Depreciation Depreciation Perlod Book Rate(%) Value Expono Accumulated Depreciation Book Value First Year Second Year Third Year Equipment costing $19,200 with a 8-year useful life and an estimated $3,200 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 4,000 units of product during its life. It produced 600 units in the first year. ord the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining- nce Wiew transaction list A Record depreciation for the first year under straight-line. B Record depreciation for the first year under units-of- production C Record depreciation for the first year under double- declining-balance. Credit On October 1, Organic Farming purchases wind turbines for $330,000. The wind turbines are expected to last six years, have a salvage value of $39,000, and be depreciated using the straight-line method. 1. Compute depreciation expense for the last three months of the first year. 2. Compute depreciation expense for the second year 1. Straight-line depreciation for the last three months of the first year 2. Straight-line depreciation for the second year Garcia Company owns equipment that cost $84,000, with accumulated depreciation of $44,400. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $52,400 - (2) $39,600 cash, and (3) $34,500 cash. View translation list X A Record the sale of equipment assuming Garcia sells the equipment for $52,400 cash. Record the sale of equipment assuming Garcia sells the equipment for $39,600 cash. $52,400 B C Record the sale of equipment assuming Garcia sells the equipment for $34,500 cash. Credit

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