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ePortfolio Das x Y McGraw Hill Campus- Connect tps://newconnect.mheducation.com/flow/connect.htm https://player-api.rnhe xVG.how to start a write a Saved Help Save & Exit Check r Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 (The following information applies to the questions displayed below Onsl low Co, purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a ary 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 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 Problem 8-6A Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready and installit Cash is paid for all costs incurred tion list Journal entry worksheet

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Answer

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

Dr Cr Jan-02 Machinery 192000 Cash 192000 Jan-03 Machinery 8000 Cash 8000 Jan-03 Machinery 1600 Cash 1600

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