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(Solved): Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $ ...



Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. 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.

Problem 10-6A (Algo) Part 2

2. Prepare journal entries to record depreciation of the machine at December 31.




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