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Answered: - Onslow C o. purchases a used machine for $240,000 cash on January


Onslow C?o. purchases a used machine for $240,000 cash on January 2 and readies it for use the next day at a $10,000 cost. On January 3, it is installed on a required operating platform costing $2,000, and it is further readied for operations. The company predicts the machine will be used for six years and have a $28,800 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.

Prepare journal entries below. (ATTACHED)



Onslow Co. purchases a used machine for $240,000 cash on January 2 and readies it for use the next day at a $10,000

 

cost. On January 3, it is installed on a required operating platform costing $2,000, and it is further readied for operations.

 

The company predicts the machine will be used for six years and have a $28,800 salvage value. Depreciation is to be

 

charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.

 


 

 


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Oct 07, 2020

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