Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3,...
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Accounting
Onslow Company purchased a used machine for $ cash on January On January Onslow paid $ to wire electricity to the machine. Onslow paid an additional $ on January to secure the machine for operation. The machine will be used for six years and have a $ salvage value. Straightline depreciation is used. On December at the end of its fifth year in operations, it is disposed of
Prepare journal entries to record the machines disposal under each separate situation: a it is sold for $ cash and b it is sold for $ cash.
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