1. Make a journal entry to record the first year year-end adjusting entry for the depreciation expense of the used machine.

2. Make a journal entry to record the fifth year year-end adjusting entry for the depreciation expense of the used machine.

Onslow Co. purchases a used machine for $288,000 cash on January 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 $34,560 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. puro3,it nemis on onber 31