0 Required information The following information applies to the questions displayed below t 2 of 2 Onslow Co purchases a used machine for $192,000 cash on Januery 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 salvage value Deprecietion is to be charged on a straight-ine basis. On December 31, at the end of its fifth year in operations, it is disposed of ints 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions L Record the sale of the used machine for $22,000 cash 2 Record the sale of the used machine for $88,000 cash 3, Record the insurance settlement received of $32.500 resulting from the total destruction of the machine in fre. 3 Answer is not complete. 29,760 0 Dec 31 Depreciation expense 29,760 0 Prey 410f 61ll Next > 0 Type here to search 4 3. Prepare journal entries to record the machine's dsposal under each of the following separete essumptions 1 Record the sale of the used machine for $22,000 cash 2. Record the sale of the used machine for $88,000 cash 3. Record the insurance settlement received of $32.500 resulting from the total destruction of the machine in a fire Part 2 of 2 16.66 ponts Answer is not complete. 1Dec 31 Depreciation expense 29,760 29,760 2Dec 31 0 29,760 Depreciation expense 29,760 Dec 31 29760 29,760 0 O Type here to search