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Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following...

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Accounting

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Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) 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. Problem 8-6A (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) It is sold for $20,500 cash and (b) it is sold for $82,000 cash View transaction list X Record the sale of the used machine for $20,500 cash. 2 Record the sale of the used machine for $82,000 cash

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