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Onslow Company purchased a used machine for $$240,000$ cash on January $2.$ On January $3,$ Onslow paid $$8,000$ to wire electricity to the machine. Onslow paid an additional $$1,600$ on January $4$ to secure the machine for operation. The machine will be used for six years and have a $$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$.$

$2.$ Prepare journal entries to record depreciation of the machine at December $31.$

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Journal entry worksheet

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$(2)$

Record the first year year$-$end adjusting entry for the depreciation expense of the used machine.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,$Depreciation expense$-$Machinery,$35,200,],[,$Accumulated depreciation$-$Machinery,,$35,200],[,,,],[,,,]]$

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