11 Required information [The following information applies to the questions displayed below) Onslow Co, purchased a used machine for $192,000 cash on January 2, On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $23,040 selvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of Part 3 of 3 714 points 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $23,500 cash, (b) it is sold for $94,000 cash; and (it is destroyed in a fire and the insurance company pays $34,000 cash to settle the loss claim. Book View transaction list References Journal entry worksheet