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Business, 29.05.2020 06:58 svalencia2

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.

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

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Onslow Co. purchases a used machine for $178,000 cash on January 2 and readies it for use the next d...
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