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  3. onslow company purchased a used machine for $240,0

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

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Accounting

Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire
electricity to the machine. Onslow paid an additional $1,600 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-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.
Journal entry worksheet
Record the first year year-end adjusting entry for the depreciation expense of
the used machine.
Note: Enter debits before credits.
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