5 Part 2 of 3 14.28 points (The following information applies to the questions displayed below] Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On December 31 at the end of its fifth year in operations, it is disposed of 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list eBook References Record the first year year-end adjusting entry for the depreciation expense of the used machine. 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. sense of Credit Help Save & Ext Subm Chack my work 6 Part 3 of 3 14.32 points Required information The following information applies to the questions displayed below) Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $25,000 cash and (b) it is sold for $100,000 cash Answer is not complete. No Date General Journal 1 December 31 Machinery Cash 2 December 31 Machinery Cash 00 00 Debit Credit 25.000 25.000 100,000 100,000 Return to