Onslow Co. purchases a used machine for $178,000 cash on January 2 and readies it for...

Onslow Co. purchases a used machine for $178,000 cash on January 2 and readies it for use the next day at a $2,840 cost. On January 3, it is installed on a required operating platform costing $1,160, and it is further readied for operations. The company predicts the machine will be used for six years and have a $14,000 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. 1. Record the sale of the used machine for 15,000 2. record the sale of used machine for 50,000 3. Record the insurance settlement received of 30,000 resulting from the total destruction of the machine in a fire.

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ekkarill92 answered 1 year ago

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