Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co.

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 $240,000 cash on January 2 and readies it for use the next day at a $6,000 cost. On January 3, it is installed on a required operating platform costing $1,200, and it is further readied for operations. The company predicts the machine will be used for six years and have a $28,800 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.

a) sold for $20,500 in cash

b) sold for $82,000 in cash

c) recieved $31,000 in cash for insurance settlement in loss from fire

I know I debit cash for the respective amounts above, and I can figure out whether to credit or to debit the unknowns. How do I determine the value for the machinery, accumulated depreciation of the machinery, and the loss(es)/gain(s)?

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