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Prepare journal to record the machine disposal

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Reference no: EM132463801

Onslow co. Purchased a used machine for 192,000 cash 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 23,040-salvage value. Straight-line depreciation is used on December 31. At the end if it's fifth year in operation, it is disposed of. Record depreciation of the machine at December 31st.

Question 1: Prepare journal to record the machine disposal under each separate situation a 21,000 b sold for 84,000 c destroyed in fire insurance company pays 31,500 to settle claim

Reference no: EM132463801

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