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Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3,...

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Accounting

Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $17,280 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of.

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2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list 1 > Record the first year year-end adjusting entry for the depreciation expense of the used machine. bense of 2. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Credit Note : = journal entry has been entered Record entry Clear entry View general journal

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