9 Required information Part 3 of3 The following information applies to the questions displayed below. Onslow Co. purchases a used machine for $240,000 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 platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $28,800 salvage value. Depreciation 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. 1.81 points 02:21:55 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: eBook View transaction list View journal entry worksheet 0 Date General Journal Debit Credit Print Dec 31 Cash 20,500 Accumulated d nery Loss on sale of machinery References 2Dec. 31 Cash 82,000 Dec 31 Loss from fire 9 Required information Part 3 of3 The following information applies to the questions displayed below. Onslow Co. purchases a used machine for $240,000 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 platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $28,800 salvage value. Depreciation 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. 1.81 points 02:21:55 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: eBook View transaction list View journal entry worksheet 0 Date General Journal Debit Credit Print Dec 31 Cash 20,500 Accumulated d nery Loss on sale of machinery References 2Dec. 31 Cash 82,000 Dec 31 Loss from fire