4 0 Required information (The following information applies to the questions displayed belowJ Part 2 of 2 Onslow Co. purchases a used machine for $192,000 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 pletform costing $1,600, and it is further readied for operations The company predicts the machine will be used for six years and have a $23,040 salvage value. Deprecietion 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 16.66 points 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions 1 Record the sale of the used machine for $22,000 cesh 2 Record the sale of the used machine for $88,000 cash 3. Record the insurance settlement received of $32,500 resulting from the total destruction of the machine in a fire O Answer is complete but not entirely correct 22,000 Dec 31 Cash 100 30,800 Loss on sale of machinery O Type here to search Answer is complete but not entirely correct of 2 Dec 31 22,0000 148,800 30,800 Loss on sale of machinery 01,600 Dec. 31 Dec 3 88000 148,800 148.800O Gain on salle of machinery 5,200 201,600 Dec 31 32,500 148 800 Loss on sale of machinery 20,300 20160001 Prev 4 of 6 Next Type here to search