Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. onslow company purchased a used machine for $192,0

Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3,...

60.1K

Verified Solution

Question

Accounting

Onslow Company purchased a used machine for $192,000 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 $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.
3. Prepare journal entries to record the machines disposal under each separate situation: (a) it is sold for $23,500 cash and (b) it is sold for $94,000 cash.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

For the following questions, use the research question and context to determine the type of test...

Physics
1.2K views

A solenoid of length 0 2 m has 1000 closely wound turns Area of cross...

Basic Math
1.2K views

Evaluate the determinant 14 21

Statistics
1.2K views

Consider a company with trailing EPS of 4 and forecasted next year EPS of 5...

Calculus
1.2K views

Find the derivative of the function y 1 4 y 2y 6 G y G...

Calculus
1.2K views

Determine whether each of the following geometric series converges or diverges. If it converges, findits...

Accounting
1.2K views

Please help answer each blank accounting sheet for this project. Follow the directions given. ...

Accounting
1.2K views

At the end of the current year, Accounts Receivable has a balance of $153,410; Allowance...

Accounting
1.2K views

Provide the missing data in the following table for a distributor of martial arts products:...

Accounting
1.2K views

A household savings-account spreadsheet shows the following entries: Calculate the household's dollar-weighted average return between...

Accounting
1.2K views

Implicit in the rate filing process is the suggestion that insurance commissioners and their staff...

Accounting
1.2K views

slove 7x + 4 Find the derivative y'(x) implicitly for...