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Required information [The following information applies to the questions displayed below.) Onslow Co. purchased a...

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Accounting

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Required information [The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,500 cash and (0) it is sold for $90,000 cash View transaction list Journal entry worksheet >

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