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

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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.

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