4) 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 $1,160 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. a. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. No Date General Journal Debit b. Prepare journal entries to record depreciation of the machine at December 31. No Date General Journal Debit Credit Credit