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$[$The following information applies to the questions displayed below.$]$

Onslow Company purchased a used machine for $$192,000$ cash on January $2.$ On January $3,$ Onslow paid $$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 $$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$.$

Prepare journal entries to record the machine's disposal under each separate situation: $($a$)$ it is sold for $$24,000$ cash and $($b$)$ it is

sold for $$96,000$ cash.

Journal entry worksheet

$1$

Record the sale of the used machine for $$96,000$ cash.

Note: Enter debits before credits.

$[$The following information applies to the questions displayec slow.$]$

Onslow Company purchased a used machine for $$192,000$ ca$.$h on January $2.$ On January $3,$ Onslow paid $$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 $$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$.$

Prepare journal entries to record the machine's disposal under each separate situation: $($a$)$ it is sold for $$24,000$ cash and $($b$)$ it is

sold for $$96,000$ cash.

Journal entry worksheet

Record the sale of the used machine for $$24,000$ cash.

Note: Enter debits before credits.

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