Homework Answers
1. Machinery a/c Dr. $288,000
To Cash $288,000
( cash paid for purchase of machinery)
2. Machinery a/c Dr. $ 8,000
To Cash $8,000
( being amount paid to wire electricity capitalised)
3. Machinery a/c Dr. $ 1,600
To Cash $1,600
( being amount paid for platform capitalised)
* It is assumed that expenses to wire electricity and to secure place for development increases the efficiency of the machinery. That is why the amount is capitalised.
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We were unable to transcribe this imageProblem 8-6A Disposal of plant assets LO C1, P1, P2...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions dismayed below) Onslow 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 $1600 to secure it in place. The machine will be used for six years and have a 5.34560 salvage value. Straight line depreciation is used on December at the end of its...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies...
Required information
Problem 8-6A Disposal of plant assets LO C1, P1, P2
[The following information applies to the questions
displayed below.]
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...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.] Onslow 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...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.) Onslow 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...
Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 (The following information applies...
Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 (The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $178,000 cash on January 2. On January 3, Onslow paid $2,840 to wire electricity to the machine and an additional $1,160 to secure it in place. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On December 31, at the end of its...
Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the...
Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) 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....
Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies...
Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) 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...
Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies...
Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $178,000 cash on January 2. On January 3, Onslow paid $2,840 to wire electricity to the machine and an additional $1,160 to secure it in place. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On December 31, at the end of its...
Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the...
Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below) Onslow Co, purchased a used machine for $192,000 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 $23.040 salvage value Straight line depreciation is used. On December 31, at the end of its fifth...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.) Onslow Co. purchases a used machine for $192,000 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 $23,040...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions dismayed below) Onslow 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 $1600 to secure it in place. The machine will be used for six years and have a 5.34560 salvage value. Straight line depreciation is used on December at the end of its...
Required information
Problem 8-6A Disposal of plant assets LO C1, P1, P2
[The following information applies to the questions
displayed below.]
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...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.] Onslow 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...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.) Onslow 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...
Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 (The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $178,000 cash on January 2. On January 3, Onslow paid $2,840 to wire electricity to the machine and an additional $1,160 to secure it in place. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On December 31, at the end of its...
Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) 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....
Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) 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...
Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $178,000 cash on January 2. On January 3, Onslow paid $2,840 to wire electricity to the machine and an additional $1,160 to secure it in place. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On December 31, at the end of its...
Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below) Onslow Co, purchased a used machine for $192,000 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 $23.040 salvage value Straight line depreciation is used. On December 31, at the end of its fifth...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.) Onslow Co. purchases a used machine for $192,000 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 $23,040...
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