2 Prepare journal entrles to record depreclation of the machine at December 31. Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. lequired: Prepare journal entries to record the machine's purchase and the costs to ready It for use. Cash is pald for all costs Incurred. Journal entry worksheet Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. 2 Prepare Journal entrles to record depreclation of the machine at December 31. Journal entry worksheet Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $240,000 cash on January 2 On January 3, Onslow pald $10,000 to Wre electricity to the machine. Onslow pald an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for slx years and have a $28,800 salvage value. Stralght-line depreclation is used. On December 31 , at the end of its fifth year In operatlons, It is disposed of. Required: I. Prepare journal entrles to record the machine's purchase and the costs to ready It for use. Cash is pald for all costs Incurred. Required: 1. Prepare Journal entrles to record the machine's purchase and the costs to ready It for use. Cash is pald for all costs Incurred. Journal entry worksheet Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits. 3. Prepare Journal entries to record the machine's disposal under each separate situatlon: (a) it is sold for $24,000 cash and (b) it is sold for $96,000 cash. Journal entry worksheet Record the sale of the used machine for $24,000 cash. Note: Enter debits before credits. Required: 1. Prepare Journal entrles to record the machine's purchase and the costs to ready It for use. Cash Is pald for all costs Incurred. Journal entry worksheet Record the cost of $2,000 for an operating platform. Note: Enter debits before credits. 3. Prepare Journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,000 cash and (b) it is sold for $96,000 cash. Journal entry worksheet Record the sale of the used machine for $96,000 cash. Note: Enter debits before credits