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Onslow Company purchased a used machine for $240,000 cash on January 2 On January 3,...

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Accounting

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Onslow Company purchased a used machine for $240,000 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 $28,800 salvage value. Straight-fine 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 machine's disposal under each separate situation: (a) it is sold for $22,000 cash and (b) it sold for $88,000 cash

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