B Homework Sove Required information (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 4:03:48 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: eBook (a) it is sold for $22.000 cash; (b) it is sold for $88,000 cash; and (c) it is destroyed in a fire and the insurance company pays $32,500 cash to settle the loss claim. Print View transaction list View journal entry worksheet References Debit Credit No General Journal Date Dec 31 22.000