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Prepare journal entries to record depreciation of machine

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Question - Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow of 6 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 $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of.

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

Reference no: EM133186989

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