14 Part 2 of 3 Required information [The following information applies to the questions displayed below) Onslow Co, purchased a used machine for $178,000 cash on January 2 on January 3, Onslow paid $2,840 to wire electricity to the machine and an additional $1160 to secure it in place. The machine will be used for six years and have a $14.000 salvage value. Straight line depreciation is used on December 31, at the end of its fifth year in operations, it is disposed of 10 points 2. Prepare foumal entries to record depreciation of the machine at December 31 View transaction ist Journal entry worksheet 2 > Record the first year cand adjusting entry for the depreciation excente of the used machine