Question
In: Accounting
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.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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...
Onslow Co. purchases a used machine for $288,000 cash on January 2 and readies it for...
Onslow Co. purchases a used machine for $288,000 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 $34,560 salvage
value. Depreciation is to be charged on a straight-line basis. On
December 31, at the end of its fifth year...
Onslow Co. purchases a used machine for $144,000 cash on January 2 and readies it for...
Onslow Co. purchases a used machine for $144,000 cash on January
2 and readies it for use the next day at a $8,000 cost. On January
3, it is installed on a required operating platform costing $1,600,
and it is further readied for operations. The company predicts the
machine will be used for six years and have a $17,280 salvage
value. Depreciation is to be charged on a straight-line basis. On
December 31, at the end of its fifth year...
Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $6,000 cost.
Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $6,000 cost. On January 3, it is installed on a required operating platform costing $1,200, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $6,000 to wire electricity to the
machine and an additional $1,200 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Required:
1. Prepare journal entries to record the machine's
purchase and the costs...
Onslow Co. purchased a used machine for $288,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $288,000 cash on January
2. On January 3, Onslow paid $6,000 to wire electricity to the
machine and an additional $1,200 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.
1. Prepare journal entries to record the
machine's purchase and the costs to...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $6,000 to wire electricity to the
machine and an additional $1,200 to secure it in place. The machine
will be used for six years and have a $28,800 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:...
Chapter 8 Question 5: Onslow Co. purchases a used machine for $288,000 cash on January 2...
Chapter 8 Question 5:
Onslow Co. purchases a used machine for $288,000 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 $34,560 salvage
value. Depreciation is to be charged on a straight-line basis. On
December 31, at the end...
Train Co. purchased a used machine for $288,000 cash on January 2. On January 3, Onslow...
Train Co. purchased a used machine for $288,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 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.
Prepare journal entries to record the machine's purchase and the
costs to ready...
On January 1, Walker purchases a used machine for $150,000 and readies it for use the...
On January 1, Walker purchases a used machine for $150,000 and
readies it for use the next day at a cost of $3,510. On January 4,
it is mounted on a required operating platform costing $4,600, and
it is further readied for operations. Management estimates the
machine will be used for seven years and have an $18,110 salvage
value. Depreciation is to be charged on a straight-line basis. On
December 31, at the end of its sixth year of use,...
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