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Record the sale of the used machine for $15,000 cash.

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Related questions

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.

Prepare journal entries to record depreciation of the machine at December 31. Please show solutions.

1. Record the first year year-end adjusting entry for the depreciation expense of the used machine.

2. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine.

3. Record the sale of the used machine for $15,000 cash.

4. Record the sale of the used machine for $50,000 cash.

5. Record the insurance settlement received of $30,000 resulting from the total destruction of the machine in a fire.

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.

Prepare journal entries to record the machine’s purchase and the costs to ready and install it. Cash is paid for all costs incurred.

1. Record the purchase of a used machine for $178,000 cash.

2. Record the costs of $2,840 incurred on the used machine.

3. Record the cost of $1,160 for an operating platform.

given equipment cost $100,000

life 4years

method of depreciation double declining balance

record the entry when purchased if the equipment was purchasedfor cash

cash I

the equipment is used for 6years and the disposed

record the entry for this transaction

cashII

the equipment is sold at the end of 3years for $15,000

record the entry for this transaction

cashII

the equipment is solf at the end of 3years for $15,000

record the entry for this transaction

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