Business, 22.02.2021 19:00 antojustice

Onslow Co. purchased a used machine for $192,000 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 $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. Prepare journal entries to record the machine's purchase and the costs to ready and install it. Cash is paid for all costs incurred.
2. Prepare journal entries to record depreciation of the machine at December 31.
3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions:

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Onslow Co. purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $10,00...

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