6 The following information applies to the questions displayed below) Onslow Co. purchases a used machine for $288,000 cash on January 2 and readties it for use the next day at a $8,000 Part 1 of 3 cost. On January 3, it is installed on a required operating The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fith year in operations, it is disposed ot costing $1,600, and it is further readied for operations 1.87 points Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready and install t Cash is paid for all costs incurred Journal entry worksheet Record the purchase of a used machine for $288,000 cash Next> Pre6 7 8 o8 02