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i nees journal entry for part 1 and part 2 part 1 ...

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Accounting

i nees journal entry for part 1 and part 2
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part 2
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Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below) Onslow Co. purchased a used machine for $192.000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1600 to secure it in place. 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 1 Record the first year year-end adjusting entry for the depreciation expense of the used machine. 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Required Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Debit Credit General Journal Date Dec 31 View general journal Clear entry Record entry 1 Record the sale of the used machine for $24,000 cash. 2 Record the sale of the used machine for $96,000 cash. 3 Record the insurance settlement received of $34,500 resulting from the total destruction of the machine in a fire

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