9 Part 1 of 3 192 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 paid $10,000 to wire electricity to the machine Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28.800 salvage value. Straight line depreciation is used. On December 31, at the end of its fifth year in operations, it disposed of Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred Journal entry worksheet Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits Journal entry worksheet < 1 2 Record the costs of $10,000 incurred on the used machine. Note: Enter debit before credits Journal entry worksheet Dese Record the cost of $2,000 for an operating platform. Note: Enter debits before credits Crede Cleft