7 Part 3 of 3 Required information Problem 8-6A (Algo) Disposal of plant assets LO...
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7 Part 3 of 3 Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] 2 points 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. eBook Problem 8-6A (Algo) Part 3 Ask 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,000 cash and (b) it is sold for $84,000 cash. Print View transaction list References Journal entry worksheet Record the sale of the used machine for $21,000 cash. Note: Enter debits before credits. General Journal Credit Date December 31 Cash Machinery Debit 21,000 21,000 Record entry Clear entry View general journal
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